Prior to BuildOnline’s merger with Citadon to form CTSpace, its financial performance in the UK was getting even worse.
As previously discussed (see BuildOnline and Koral on 14 November 2006 and BIW’s growth continues – but what about the others? on 8 November 2006), BO’s latest Companies House accounts show its UK business was already struggling in early 2005. A year later, its position had worsened: turnover in the year up to 31 March 2006 was 2.2% down at £2.793m (2005: £2.856m), while its pre-tax losses were 74.8% up to £0.963m (2005: £0.551m).
If CTSpace CEO Howard Koenig is to meet his objective of breaking even by the end of this financial year-end (see post), it will require either a dramatic turnaround of the UK business or, if that is not forthcoming, excellent performances from the rest of CTSpace’s operations to compensate for the under-performing UK division.
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[…] a last FY turnover of £3.4m), BuildOnline UK (now part of CTSpace (£2.793m – see post), and Business Collaborator (£2.35m). It even puts Asite behind relative newcomer, StoreData, […]
[…] in the year up to 30 September 2006, and behind both the former BuildOnline (£2.793m; see CTSpace post) and Business Collaborator (£2.35m – […]
[…] There is no mention of the word profit in the article; instead, it seems it’s all about turnover (“over the next two or three years, the firm aims to double in size, meaning turnover will top £20m”). Again Koenig has previously been reported as saying he is aiming for break-even by year-end 2007, but this will require a strong performance by De Kieviet’s North EMEA business (which includes the UK), particularly if it is turnaround the ailing BuildOnline UK business which lost nearly £1m on a turnover of £2.8m in the year to 31 March 2006 (see BuildOnline UK position worsened). […]