Netstore sees revenue peak

Unfortunately Cisco users are dropping off...

ASP Netstore has seen revenue for its first quarter increase though important Cisco business has tailed off. Revenue for the quarter was £0.68m up from £0.52m in the same period last year. Cisco now accounts for 54 per cent of this, down from 64 per cent in the equivalent quarter last year. Since last quarter the number of Cisco users tailed off from 16,726 to 16,574, although the total number of users grew to 29,474 from 17,655 last year. The company has managed to reduce losses this quarter through cuts in marketing spend and staff redundancies. Operating losses for the period were £2.31m compared to £2.94m last year. Netstore's chairman, Paul Barry-Walsh, said that he is "cautiously optimistic" that strategic efforts to increase Netstore's customer base and enhance its offering will pay off. This morning the company's share price was up almost 8 per cent during early trading.