UK electronic payments company Earthport says its full year net losses more than doubled, to £7.3 million, in 2009 but claims business is now picking up.
Revenue for the year slipped to £1.57 million compared to £1.92 million in 2008 and the company also saw a big rise in operating costs, primarily due to an increase in option and warrant-related expenses, to £2.3 million from £600,000. Loss per share increased to 8.9 pence, from 5.14 pence in 2008.
The firm conceded "financial results were not as positive as we had hoped" but CEO James Bergman, says: "The board, however, believes that, through various arrangements, the Company has sufficient resources to continue to develop the business to its full potential."
In a move that gives Bergman greater control, the firm also revealed that chairman Mike Harrison was moving to the position of non-executive chairman with immediate effect. Additionally, non-executive director Lance Browne is becoming non-executive vice chairman.
Last week Earthport came out of an offer period it had entered in June after no bid was received.