COMS.L Share News (COMS)

Earthport, a cross-border payments company, has announced a go-live with Yandex.Money, an e-wallet service in Russia and the CIS, to offer wider international payment options to their customers, meaning the latter's e-wallet holders will be able to access to a new range of international payment services. Yandex.Money customers will be able to make a payment to bank accounts directly in all Earthport supported territories across the world. Coms, which provides internet telephony services, posted a three per cent rise in gross profit to £0.91m in the year to the end of January (2011: £0.88m) despite a decline in revenue from £3.52m to £2.97m, as it was hit by lower equipment sales from distribution activities. The overall loss for the year was £0.59m, compared to £0.65m, while basic losses per share fell from 1.3p to 0.6p year-on-year (y/y). Cash levels rose from £62,510 to £94,739 y/y. The company is now planning to accelerate its move towards core VoIP (voice over internet protocol) telephony services that deliver recurring income and high margins. "Our objective remains to acquire a critical mass of customers and sustainable profitability," the firm said. Porta Communications, the marketing and public relations (PR) firm, has purchased a 90% of the issued share capital of Twenty 20 Media Vision, a full service media planning and buying agency based in Tunbridge Wells, for a maximum consideration of £1.9m. The acquired company reported net current liabilities of £180,791 for the year ended September 30th 2011. The initial consideration of £370,000 will be satisfied by the payment of £40,000 in cash and the issue of 3,300,000 new ordinary shares, and then an additional deferred consideration of up to £1,530,000 will be payable subject to Twenty 20 generating profits before tax for the year to 30 September 2013 of in excess of £500,000. If profits fall below £500,000 then for every £50,000 shortfall in profit, the consideration will be reduced by £190,000 until only the initial consideration is payable. NR