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Totalise online bank plans delayed

Failing economy takes hold....
Written by Lynne Hardy, Contributor

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.
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