Companies: MYA    SGE   

Birmingham-based e-commerce solutions provider Myratech.net unveiled a near-£200,000 turnover increase today, and hinted at ambitious expansion plans. James Crux reports.

In the six months to 30 June, Myratech turnover jumped to £853,000 (£676,000) with pre-tax losses widening from £17,000 to £455,000. The losses reflected extensive staff development costs.

Myratech.net is a value-added solutions provider and reseller as well as an e-commerce and web enabler. At the beginning of the year two separate companies dealing with internet solutions, Myratech, and the value-added resale, Burra Burra, were brought together for synergistic benefits.

Managing director Mark Abrams explained that 25 per cent of current turnover comes from the e-commerce side, but the phenomenal growth in the internet could push this figure up to 75 per cent in the near future. The company's aggressive expansion programme began following its IPO in April.

The flotation raised £4.8 million for expansion of its e-commerce sales, programming and design teams. The company now has 48 staff compared to the 26 prior to flotation.

Finance director Martin Hyman today predicted a team of 60 will be in place by the year end. As well as this organic growth, a major competitor was acquired in June with the purchase of a Sage value-added reseller in the shape of Forsyth Whitehead for £600,000.

This acquisition had the added advantage of bringing on board 100 additional customers. The company has been fully integrated into the group.

Commenting today on the company's strong net cash position of £3.7 million, a bullish Mark Abrams said 'we now have enough capital to deliver our business plan'. Broker Teather and Greenwood predicts profitability by 2001. The share price sparked up 0.5p to 49p today.