Flightstore on the prowl
Article Date: Nov 01 2004Advisers to digital media specialist Flightstore say it is ‘not out of the question’ that the AIM-quoted concern, whose in-flight airline shopping hopes flopped, will seek a further funding now that recently-installed new management has hired GP Capital to ‘search for acquisition opportunities’.
Andy Mitchell, who became chief executive officer in March, wants the company to adapt its technology to wider markets after advertisers failed to warm to selling goods and services through back-seat in-flight entertainment systems. Flightstore is looking for several ‘small’ acquisitions to take it into new fields.
After losing £563,400 in the first half year, the company still had £1 million in the bank in June, but might consider asking for more if GP’s researches produce a bigger potential deal.
Mitchell, well versed in online advertising and digital media, wants Flightstore to exploit the mainstream internet and advertising markets and other interactive channels. He has the support of Marcus Bicknell, who helped launch the pioneering ASTRA European satellite in 1988 and joined Flightstore’s board in August.
Since floating in December, Flightstore shares have fallen 70 per cent to 3p.
1/11/04
