Fuse8 confident despite posting loss
DIGITAL agency Fuse8 is aiming to break even by the end of its financial year as the company progresses with its three year strategic plan.
The Leeds-based business posted an operating loss of £569,000 in the year ended March 31 2012, compared to a profit of £247,000 the previous year.
Losses from continuing operations before tax were £580,000. Revenues dipped from £3.6m to £3.38m.
Fuse8’s founders Mark Walton and Andy Hutchinson bought the company following its delisting from the Alternative Investment Market in January 2012.
Former chief executive Nigel Hunter left the business in October 2011 weeks after he was relieved of his duties.
However, a spokesman for Fuse8 said the digital marketing communications services provider’s growth plan was on track.
The spokesman said: “Following events in 2011, our directors set out a revised three-year strategic plan.
“We’re in the early stages of implementing this blueprint, with our focus in the last 12 months having been on consolidating and implementing new processes and enhanced systems, while building a robust framework for future performance and growth.
“Where current financial results are concerned, we’re aiming to ensure the company breaks even in its trading activities by the end of the financial year. Thereafter, we anticipate profits resuming their previous levels and continuing to grow, aided by the results of the strategic plan’s implementation.
“This financial performance will also be helped by factors such as our current continued attraction of clients and healthy new business pipeline. In addition, we’re confident we’ll attract further income from our strong existing client base and strategic partnerships.”