Totalise online bank plans delayed

Failing economy takes hold....

Internet company Totalise has delayed plans to launch an online bank, after negotiations with potential partners fell through. The company cited a stunt in credit card income experienced by its subsidiary Intermutual Finacial Services, but like most the company has suffered at the hands of the crumbling economy reporting a pre-tax loss of £4.36m or 15.35p per share for the year ending 30 April. However, turnover jumped from £870,217 to £4.28m. Totalise has also had to reduce its 100 workforce to just 35, in a bid to cut costs. Shares fell by 2p per share 4p per share.