LONDON (SHARECAST) - Advertising and e-commerce company Internet Business Group warned that full-year sales and profits will be about 10% below expectations and said it has focus on medium term product development rather than short-term sales.
The group now expects sales to come to about Ј16.5m for the year ending 31 October on normalised profits of around Ј1.4m.
“The group has continued to focus on the medium term goal of creating a substantially larger advertising and media operation,” it said.
“Whilst this resulted in a short term reduction in sales, the group is now better placed to benefit from an improved product portfolio delivered ahead of schedule,” it added.
Internet Business also said that it plans to consider strategic options for its e-Commerce division within the 2008 financial year after having previously focused on its advertising and media operations.
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