Connxion (ASX:CXN) FY10 loss up 88% on restructure costs

Connxion (ASX:CXN) FY10 loss up 88% on restructure costs

Data and transaction services company Connxion Ventures (ASX:CXN) said its losses likely widened 88% in FY10 to $4.8 million despite a surge in revenue.

Its preliminary final report, published today, indicates that revenue grew 223% to $12.655 million.

But restructuring and acquisition costs contributed to $1.5 million of the company's $2.9 million ebitda loss, which compares to a $1.3 million ebitda loss in FY09.

The company had acquired Coverdrive, Sonnet Corp and KAZ Singapore during the year, and also established a 55% ownership in the Australasian operations of data analytics company Peppers and Rogers.

CXN shares are today trading 10% higher at $0.033, but had fallen 9.09% on Friday to $0.030.

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Tags financial resultsConnxionASX:CXN

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