Financial Problems For Freeserve ISP
Posted: 03rd Mar, 2003 By: MarkJ
UK ISP Freeserve has unfortunately continued to make losses, which rose to 92Million Euros last year from 74M Euros a year earlier.
However Freeserve's French parent, Wanadoo, made a 30m Euros (£20.6m) net profit in 2002 compared with a net loss of 193m Euros a year earlier:
Wanadoo's net profit, the first by a European internet service provider, was due to a strong performance in its telephone directory, cutting its online costs and reducing tax liabilities.
Relocating Freeserve's "place of supply" for its unmetered Anytime service to Madeira to avoid British taxes is expected to save Wanadoo £4.5m (6.6m euros) in 2003.
Madeira charges 13% value added tax, while Britain charges 17.5%.
Unsurprisingly Wanadoo's shares gained more than 4% in early trade. More @ BBC News Online.
However Freeserve's French parent, Wanadoo, made a 30m Euros (£20.6m) net profit in 2002 compared with a net loss of 193m Euros a year earlier:
Wanadoo's net profit, the first by a European internet service provider, was due to a strong performance in its telephone directory, cutting its online costs and reducing tax liabilities.
Relocating Freeserve's "place of supply" for its unmetered Anytime service to Madeira to avoid British taxes is expected to save Wanadoo £4.5m (6.6m euros) in 2003.
Madeira charges 13% value added tax, while Britain charges 17.5%.
Unsurprisingly Wanadoo's shares gained more than 4% in early trade. More @ BBC News Online.
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