LONDON (Alliance News) - Totally PLC Tuesday said pretax losses widened in the first half, as it announced plans to raise GBP600,0000 in a placing of shares to reduce debt and finance the implementation of its business plan.
The company, which provides digital marketing services to the healthcare sector, posted a pretax loss of GBP576,000 for the six months ended June 30, compared with a loss of GBP7,000 during the same period last year as it spent money on developing a range of products and services designed to both reduce costs and improve outcomes of caring for patients with long term conditions.
However, revenue increased 90% to GBP1.2 million, from GBP651,000 in the first half of 2012.
Revenue for its digital marketing division, Totally Communications, increased to GBP501,000, from GBP410,000 last year. It focused on producing mobile apps across Android and iOS, while engaging in a hiring strategy focused on business development roles and bolstering existing support services.
Totally's health digital solutions arm also posted an increase in revenue to GBP737,000, from GBP241,000 a year earlier.
Losses for earnings before interest tax, depreciation and amortisation increased to GBP546,000, from a GBP9,000 profit last year.
As it attempts to reduce debt and implement its business strategy, Totally said it plans to raise GBP600,000 through a placing of shares at the issue price to institutional and other investors.
An application will be made for the new shares to be admitted to trading on AIM.
No dividend was proposed for the period.
Totally shares were trading at 0.695 pence Friday afternoon, up 0.020 pence, or 2.9%.
By Anthony Tshibangu anthonytshibangu@alliancenews.com;
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Totally (TLY)