Property site Easier denies need to raise funds

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The Independent Online

Easier, the online property company whose shares have plummeted since June, has insisted it does not need to raise extra funds to stay afloat.

Easier, the online property company whose shares have plummeted since June, has insisted it does not need to raise extra funds to stay afloat.

The firm, which in February raised £11.9m on AIM at anoffer price of 150p, announces results early next month. It has 60,000 registered users and 13,000 properties on the site. It makes its money through selling customer data to corporate partners, such as Scottish Widows Bank and Scottish Legal Life.

In a statement, it announced a positive cash balance of £8.15m at the end of June. "The company's advertising spend has been, and continues to be, significantly lower than originally anticipated.... There is no requirement to raise additional funds," it said.

The shares have slumped from highs of 330p since the float. They closed yesterday at 40p, up 3p on the day.

Clickmango, the natural health products site which was to close at the end of August, said yesterday it was optimistic about finding a blue-chip rescuer. Its founders Toby Rowland and Robert Norton said that the company had cash reserves to carry on into September.

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