PracticeConsultingAffinity Internet reduces loss and appoints new FD

Affinity Internet reduces loss and appoints new FD

Internet access provider Affinity Internet has seen a 16% fall in its share price this afternoon to 103.5p, after posting a Q1 2002 pre-tax loss of £2.5m, compared to a loss of £6.6m in Q1 2001.

However the company’s turnover leapt from £5.6m in Q1 2001, to £19m in Q1 2002.

Affinity chairman Terry Plummer commented that the company’s acquisition of telephony infrastructure last year has protected them from the worst of the current trading conditions. He also points to a lack of large debt repayments as crucial to the company remaining competitively priced.

Plummer said: “After the network and customer base acquisitions in the latter half of 2001, 2002 has been a period of planned consolidation for the Group with trading conditions being predictably slower after strong Christmas activity.”

Affinity has also named Nicola Sawford as its new finance director, replacing Stuart Barker from June 19. Sawford joins from Vesta Group, where she was CFO, and has also held senior finance positions at the London Stock Exchange, BBC and BrokerTec Europe.

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