Dialog Focuses On Debt Reduction And New Net Products
Dialog Corporation, the online information company formed by the merger of MAID and Knight Ridder in 1997 (see Maid Acquisition To Go Ahead), is aiming to reduce its £155 million debt burden in order to invest in new internet-based products.
Michael Mander, chairman of Dialog, admitted that revenues from Knight Ridder had taken longer to turn around than had originally been anticipated: “We recognise that the combined Company is not as far along in the process of building revenues and profits as we had hoped for at the time of the acquisition… Overall, we expect the real benefits of the work we have done to date to show through in our results in the second half of 1999 and beyond,” he said.
The group announced its first full year results which showed a return to profitability, with pre-tax profits for 1998 coming in at £8.4 million. The company attained internet revenues of over £60 million and is to be reclassified by FTSE International as an internet company from 1 April 1999.
The generally positive outlook statement which Dialog posted enabled shares to rise by 9˝p to 94˝p yesterday.
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