Interim pre-tax profits at online information provider, Dialog Corporation, have fallen from £7.0 million to £1.7 million year on year for the six months ended 30 June 1999, the group announced today. Whilst revenues were up by 4.6% to £44.7 million between Q1 and Q2 this year, the company is still heavily indebted, now to the tune of £168 million, with interest costs eating into profits.
Commenting on the results, chairman of Dialog, Allen Thomas, says: “Discussions continue regarding refinancing of the Group’s debt so as to release internally generated cash from operations to further accelerate high growth market opportunities and this process is proceeding to plan. Our newly appointed financial advisors, The Chase Manhattan Bank and Salomon Smith Barney, are currently in discussions with a number of parties.”
Dialog yesterday announced the launch of Sparza (www.sparza.com) – the software sales arm of its eCommerce division. This was accompanied by news of Sparza’s software licensing deal with Spicers Limited.
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