Bright Station Reports Good Progress In Interim Results

Bright Station reported good progress towards the transformation of its business in its interim results released this morning. Despite pre-tax losses of £3.2 million for the six month period to the end of June, the group, which was formed from the remaining e-commerce and web solution assets of Dialog earlier this year (see Dialog To Sell Core Services To Ease Debt Burden), said its debts are now cleared and refocussing plans are moving forward.

The disposal of its core Information Services Division to the Thomson Corporation has now been completed for £185 million (see Thomson Confirmed As Dialog Buyer) and the net proceeds of the sale were used to repay the company’s debts and to leave it sufficient cash to make investments in the remaining businesses. These have included the purchase of the technology side of failed online sports retailer Boo.com and a 7% equity stake in Netimperative (see Bright Station To Buy Boo Infrastructure). The group also invested in the winners of Channel 4’s The E-Millionaire Show, yourable.com and schoolsforschools.com.

“The horizon is now clear for us to drive Bright Station forward as we progress the dramatic transformation of our business,” said CEO Dan Wagner. “We now have the capital and the talented people in place to develop our technologies as a fast growing commercially successful businesses.”

Turnover was £1.9m, compared to £5 million for the same period last year.

Bright Station: 020 7930 6900