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Johannesburg - Media group Moneyweb's audited condensed results for the twelve months ended June 2013 shows a drop in revenue to R34.34m.
Due to a change in year end, the results of this financial year are compared to the period of 15 months until the end of June 2012, when the revenue was R44.85m.
The company showed a net loss of R89 000 compared to a net loss of R4.079m in the previous period.
Revenue for the year includes a net R3.256m contract termination fee received from Caxton (Moneyweb's parent company) for the termination of the Looklocal contract.
This fee enabled Moneyweb to remain in a profit before tax position as at year end.
The headline earnings were R2.6m compared to a loss of R3.7m in the prior period. No dividend has been declared.
According to the report by Chair Paul Jenkins, the year under review has brought a number of challenges, as well as some significant successes.
Moneyweb's primary revenue is derived from advertising sales. In the financial year, Moneyweb went through a transition from using an external advertising sales agency to building an in-house sales team to work in conjunction with SABC sales, he said.
After a seven month return to the helm of Moneyweb following an extended semi-sabbatical, the Moneyweb founder, Alec Hogg, resigned in October 2012 on 12 months' notice, citing differences in his and controlling shareholder, Caxton's value systems.
The primary dispute with Hogg related to his handling of the migration of the advertising sales function and the short-term "destruction" of Moneyweb's advertising revenue stream.
Moneyweb Holdings [JSE:MNY] launched an application to interdict Hogg. On receipt of the papers, Hogg capitulated and a court order was obtained against him.
Jenkins said in his report that the company has incurred un-budgeted expenditure "in protecting its rights".
"Significant progress has been made in prosecuting Mr Danie Wessels, a previous Moneyweb financial director appointed by prior management, for fraud," according to the report.
It also stated that subsequent to year end, Moneyweb has launched a court application to declare the "copying" of its articles unlawful and to interdict the continuing publication of these articles by Fin24 on its website.
"At the heart of this litigation is the contention by Moneyweb that Fin24 is engaged in systematic plagiarism on an industrial scale, as part of its business model, to gain a commercial advantage for itself," according to the chairperson's report.
Lastly, Moneyweb is revising its strategy on apps as it has not obtained the revenues anticipated, according to Jenkins.
Due to a change in year end, the results of this financial year are compared to the period of 15 months until the end of June 2012, when the revenue was R44.85m.
The company showed a net loss of R89 000 compared to a net loss of R4.079m in the previous period.
Revenue for the year includes a net R3.256m contract termination fee received from Caxton (Moneyweb's parent company) for the termination of the Looklocal contract.
This fee enabled Moneyweb to remain in a profit before tax position as at year end.
The headline earnings were R2.6m compared to a loss of R3.7m in the prior period. No dividend has been declared.
According to the report by Chair Paul Jenkins, the year under review has brought a number of challenges, as well as some significant successes.
Moneyweb's primary revenue is derived from advertising sales. In the financial year, Moneyweb went through a transition from using an external advertising sales agency to building an in-house sales team to work in conjunction with SABC sales, he said.
After a seven month return to the helm of Moneyweb following an extended semi-sabbatical, the Moneyweb founder, Alec Hogg, resigned in October 2012 on 12 months' notice, citing differences in his and controlling shareholder, Caxton's value systems.
The primary dispute with Hogg related to his handling of the migration of the advertising sales function and the short-term "destruction" of Moneyweb's advertising revenue stream.
Moneyweb Holdings [JSE:MNY] launched an application to interdict Hogg. On receipt of the papers, Hogg capitulated and a court order was obtained against him.
Jenkins said in his report that the company has incurred un-budgeted expenditure "in protecting its rights".
"Significant progress has been made in prosecuting Mr Danie Wessels, a previous Moneyweb financial director appointed by prior management, for fraud," according to the report.
It also stated that subsequent to year end, Moneyweb has launched a court application to declare the "copying" of its articles unlawful and to interdict the continuing publication of these articles by Fin24 on its website.
"At the heart of this litigation is the contention by Moneyweb that Fin24 is engaged in systematic plagiarism on an industrial scale, as part of its business model, to gain a commercial advantage for itself," according to the chairperson's report.
Lastly, Moneyweb is revising its strategy on apps as it has not obtained the revenues anticipated, according to Jenkins.
