EBTM raises new cash to fund development
Thursday, July 03, 2008
EBTM, the online retailer of music inspired clothing, has raised £675,000 before expenses through a share placing in a move to free up cash for future development.
The company placed 19,285,715 new ordinary shares with institutional investors at a price of 3.5p per share. Those shares represent 7.17pc of the enlarged share capital of the company.
Last month the company reported annual sales up 401pc to £6.8 million helped by some key acquisitions during 2007.Pre-tax profits of £0.8 million cancelled out the previous year’s loss of £0.6 million.
Chief executive Richard Breeden, said the company was pleased to have raised new funds which would further underpin its strategy of strong growth.
“With online retailing predicted to continue to grow rapidly, the board views the outlook for the business in the current financial year as extremely positive,” he said.
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