UK electronic payments company earthport is reporting narrowing losses and increased turnover for the six months to 31 December 2004, but the firm is still some way off its goal of becoming cash flow positive.
Revenue was up 23% to £0.5m for the six months, compared to £0.4m for the same period last year, while operating losses fell by 31% to £2.4m, compared to £3.5m a year ago.
Cash decreased by £8000 during the six month period, compared to a £253,000 decrease last year. The vendor secured additional funding of £1.879m last month and expects to receive a further £2m of investment by the end of March.
Earthport reported its highest ever monthly revenues at £129,108 in January, up 20.2% on December 2004. In today's statement, earthport says February continued the upward trend with revenues of £139,000.
The vendor says it has also signed up the first merchants to its new managed batch payment product which was released in February.
The group will release a full trading update later this month, which will set out its plans and expectations for the three months to 30 June 2005.