Moneyweb losses increase as it seeks to diversify in a difficult trading year
MONEYWEB has widened its net loss of the year to June to R4.9m from R3.01m the previous period. Operating loss was R6.1m and headline loss for the period was R4.9m.The group said it had experienced a difficult trading year with some significant drops in advertising revenue especially from its mining website, Mineweb.com, and from the increase in costs to create diversified revenue streams.During the 2015 financial year, Moneyweb invested in a video unit and new digital properties such as The Moneyweb Investor, Moneyweb DRIVE and Property Mogul. It also invested in financial and investment events such as Money Expo.It said clients were looking for content-marketing solutions, which were spread across multiple media and social network platforms.Although it successfully created new businesses, the company said it had "proven to be challenging to quickly convert new investments into profitable ventures and this had led to large cash outlays".While it intended to capitalise on its invest...
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