Internet company Oxbridge Online has issued a profit warning along with interim financial results showing a headline loss per share of 2.01c and operating loss of R2.35 million.
For the period ending 31 December 1999, Oxbridge reported revenue of R601 000 and a negative attributable income of R2.21 million. A headline loss per share of 2.01c has also been reported.
Warning investors, Oxbridge CEO David Cattell says while the board is confident of the company`s strategy, the timing of the closure of several large sales currently in negotiation will determine whether the company will accomplish profit forecasts for the year ending 30 June 2000.
Oxbridge reported in its pre-listing statement and financial results in September last year that it would only see returns on investments in March 2000. The company says this stage has been reached and it is expecting to soon announce e-commerce partnerships with a number of banks and insurance companies.
Oxbridge announced a new-look board in January, which includes an additional two non-executive members: Steve Miller, presently executive director, and Peter Nelson, ex-financial director of BMW. These new board members join Cattell, Norman Ingledew and John Simpson.
Cattell says the new members have integrated well into the company and operations continue to run smoothly.
Oxbridge recently launched its financial advisory motoring site, Motorshow.co.za, which Cattell says has been well received. The company is investigating possibilities of marketing the concept to the international market in the near future.
No dividend has been declared and Oxbridge shares traded unchanged from the opening price of 45c.
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