Daily Internet looking up after cost reduction

The AIM-listed hosting and web services company saw revenue grow 35.2% over the same period last year, to £2.41m at 30 September.

Adjusted earnings before interest, tax, depreciation and amortisation grew 7.8% to £276k, with the pre-tax loss reduced by 26.2% to £76k.

The improved performance and smaller loss was put down to the company's cost reduction programme. Daily Internat has closed its Maidenhead office, reduced headcount in the SME division, and removed duplication of various functions across divisions.

"Following what has been a trandformational period, we have entered H2 with a leaner cost base, a simplified management structure and a renewed focus on delivering profitable growth", said chief executive Chris Evans.

"We are buliding on a solid base and believe that we are well positioned to deliver on our plan."

Evans said he expected the full year result to be ahead of current market expectations, given the first half performance and improved cost base.