Moneyweb swings to a loss

Listed media company, Moneyweb has reported an operating loss of R3.37 million for the year ended June 2014, from a prior profit of R2.7 million in 2013, as a result of declining sales.

The group said that revenue declined year-on-year by over R10 million, to R23.5 million, mostly due to the termination of a Looklocal contract in the prior year which contributed
R9.235 million to FY2013 revenue.

The resulting difference of a just over R1.5 million decrease in revenue was due to lower than expected sales across Moneyweb’s media platforms, the group said.

“Moneyweb has as its medium term goal to improve its sales position and start turning a profit throughout its business. We realise this is no small task and therefore are constantly looking for ways to improve both on the sales and expense side,” the group said.

Moneyweb said it will be re-locating to cheaper premises and will utilise the office move to further cut or effectively manage costs.

The website attracted 44% more unique visitors in June 2014 than it did in June 2013.

The website is nearing the monthly four million page impressions and 450,000 unique
visitors milestones, it said.

The group also launched its new daily digital newspaper known as Moneyweb Today, catering for the investor, shareholder and potential investors in the South African stock market.

This newspaper is attracting a daily readership of between 6,000 and 8,000 individuals, with the company hoping to attract sales revenue from this business going forward.

Moneyweb has launched legal proceedings against Media24 and its News24/Fin24
websites, for an order declaring that in relation to seven Moneyweb articles which
were copied from our website, Media24 infringed Moneyweb’s copyright and competed
unlawfully against Moneyweb.

Moneyweb claims that Fin24 has plagiarised its articles and has contravened

Media24 has denied the allegations, claiming that copyright does not subsist in the
reporting of news, and that Moneyweb indulges in the same practices as Media24.

Moneyweb has filed its replying affidavit and the matter will proceed to court, for
judicial determination in due course.

Looking ahead, Moneyweb said it will pursue radio revenue-generating content provision to the South African broadcasting market.

More on Moneyweb

Moneyweb feels “costly” litigation in Media24 battle

Moneyweb sees earnings slide, hits out at wrongdoers

Moneyweb Fin24 case heading to court

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Moneyweb swings to a loss