World.Net halves 1H losses to $74k

World.Net halves 1H losses to $74k

IT product and service provider World.Net services (ASX:WNS) nearly halved its losses in 1H09, as the company shifted focus away from the underperforming UK travel marketing sector.

World.Net’s losses shrank to $74,000 from $1.6 million, even while revenue slumped 50% to $375,500.

The company said it was winding down its UK destination marketing services business, as its goal of becoming a major channel for European online travel bookings failed to eventuate.

World.Net has instead shifted focus towards a PYO Travel website, which serves the Asia-Pacific region, it added.

The company said it had the financial backing of both its major shareholder and its major creditor, in the event it needs to secure capital to operate as a going concern.

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Tags ICTfinancial resultsonline storeWorld.Net

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