Wednesday 16 April 2014

Love lost as internet dating firm Cupid sees drop in profits

Red stone heart on textured paper
Adjusted pretax loss for the six months ended June 30 was £2.5m

Internet dating company Cupid Plc swung to a first-half loss, hit by higher marketing and administrative costs.

Adjusted pretax loss for the six months ended June 30 was £2.5m (€2.9m), from a profit of £3.5m a year earlier. Revenue rose 12.4pc to £43.4m.

"We have had a number of distractions in the first half of 2013... the remainder of 2013 will be a transitional period as we complete the separation of the divested casual assets and reshape our continuing business for the future," said Chief Executive Bill Dobbie.

The company said marketing spend, its largest cost, increased 18pc to £27.4m. Administrative expenses rose nearly 60pc to £4m.

Cupid faced media allegations earlier this year about the methods it used to encourage people to buy subscriptions. However, the company said in July that an independent review of its operations did not find any evidence of Cupid using fake profiles to boost membership.

It sold its, and other "casual" dating sites to Max Polyakov's Grendall Investment Ltd for £43.1m in July.

Cupid said it expects continuing business to return to growth and profitability in 2014.

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