UK Wedding News
02/04/2014
According to reports, the firm reported a £7.4m loss for 2013. This compares to a profit of £9.2m the previous year.
The year has been a challenging one for Cupid, as it sold off some of its businesses, including benaughty.com and flirty.com. It also replaced its Chief Executive.
In December last year, Phil Gripton replaced Bill Dobbie as CEO. Mr Dobbie now remains on the board as a non-executive director.
Elsewhere, group revenues – including the company's discontinued operations – fell by 31% to £56.1m, compared with £90m in 2012. However, there was a gain of £23.4m on the sale of Cupid's casual assets as well as the disposal of a German-based business.
In its latest statement, Cupid said that its priorities for 2014 were now "to complete the recovery phase for the dating business."
The changes at the company come after it was accused of creating user profiles on its various websites in order to encourage new customers to sign up. While an independent investigation did not find any evidence that this practice had occurred, the report – by KPMG – said staff at the firm were not clearly identified, and thus led to confusion among its customers.
George Elliot, Chairman, is quoted by the BBC as saying it had been a "deeply frustrating experience, but the business has gained strength from it."
He added: "We have also transformed the nature of Cupid, creating a platform for the future – a focused platform which will drive sustainable growth and which is devoid of the short-termism driven by managing casual traffic and its monetisation.
"We have embedded a new product approach with an emphasis on improving both the overall customer experience and the long-term quality of our revenue streams."
(JP/IT)
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Dating Company Reports Losses
Online dating company Cupid has said it is to concentrate on improving its customer experience and longer term revenues.According to reports, the firm reported a £7.4m loss for 2013. This compares to a profit of £9.2m the previous year.
The year has been a challenging one for Cupid, as it sold off some of its businesses, including benaughty.com and flirty.com. It also replaced its Chief Executive.
In December last year, Phil Gripton replaced Bill Dobbie as CEO. Mr Dobbie now remains on the board as a non-executive director.
Elsewhere, group revenues – including the company's discontinued operations – fell by 31% to £56.1m, compared with £90m in 2012. However, there was a gain of £23.4m on the sale of Cupid's casual assets as well as the disposal of a German-based business.
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In its latest statement, Cupid said that its priorities for 2014 were now "to complete the recovery phase for the dating business."
The changes at the company come after it was accused of creating user profiles on its various websites in order to encourage new customers to sign up. While an independent investigation did not find any evidence that this practice had occurred, the report – by KPMG – said staff at the firm were not clearly identified, and thus led to confusion among its customers.
George Elliot, Chairman, is quoted by the BBC as saying it had been a "deeply frustrating experience, but the business has gained strength from it."
He added: "We have also transformed the nature of Cupid, creating a platform for the future – a focused platform which will drive sustainable growth and which is devoid of the short-termism driven by managing casual traffic and its monetisation.
"We have embedded a new product approach with an emphasis on improving both the overall customer experience and the long-term quality of our revenue streams."
(JP/IT)
Top stories
20/03/2020
LeToya Luckett-Walker Is Pregnant
Charlotte Crosby Finds New Romance
Lydia Bright Gets Candid About Giving Birth
Lana Del Ray Splits From Boyfriend
Angelica Ross Learns Of Boyfriend's Secret Life
Ashley Graham's Breastfeeding Struggle
Susanna Reid's Mother's Day Plans
Lin-Manuel Miranda Homeschooling Kids
Kristen Bell Speaks Of Pride For Daughters
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