Irish Wedding News
24/09/2013
The results follow an increase in marketing and administrative spending.
Revenues rose from £38.6m to £43.3m, while the company's marketing spend increased by 18% to £27.4m and administrative expenses increased by nearly 60% to £4m.
Earlier this year, the firm sold a part of its business and explained that the sum would be reflected in its next set of results.
The "casual dating" section of the company was acquired by one of the firm's co-founders in a deal worth £45.1m.
Cupid continues to operate a number of mainstream and niche dating sites, including Cupid.com, Amour.com, UniformDating.com and Canoodle.com, as well as a number of international sites.
Speaking about the results, Chief Executive Bill Dobbie said: "We have had a number of distractions in the first half of 2013, however, we have commenced a streamlining and refocusing of the business, which will provide us with an excellent opportunity going forward to take more of the opportunities the sector has to offer.
"We have a robust business and strong brands upon which to build.
"The remainder of 2013 will be a transitional period as we complete the separation of the divested casual assets and reshape our continuing business for the future."
Cupid added that is expects business to return to growth and profitability next year.
(JP/CD)
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Online Dating Website Reports Losses
Online dating website, Cupid, has reported a pre-tax loss of £2.8m for the first half of the year.The results follow an increase in marketing and administrative spending.
Revenues rose from £38.6m to £43.3m, while the company's marketing spend increased by 18% to £27.4m and administrative expenses increased by nearly 60% to £4m.
Earlier this year, the firm sold a part of its business and explained that the sum would be reflected in its next set of results.
The "casual dating" section of the company was acquired by one of the firm's co-founders in a deal worth £45.1m.
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Cupid continues to operate a number of mainstream and niche dating sites, including Cupid.com, Amour.com, UniformDating.com and Canoodle.com, as well as a number of international sites.
Speaking about the results, Chief Executive Bill Dobbie said: "We have had a number of distractions in the first half of 2013, however, we have commenced a streamlining and refocusing of the business, which will provide us with an excellent opportunity going forward to take more of the opportunities the sector has to offer.
"We have a robust business and strong brands upon which to build.
"The remainder of 2013 will be a transitional period as we complete the separation of the divested casual assets and reshape our continuing business for the future."
Cupid added that is expects business to return to growth and profitability next year.
(JP/CD)
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