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A £2.8 million loss was posted for the six months to end of June alongside a fall in revenues.
It said: “Through the course of the first half of 2014 it became clear that the pace of change in the industry was increasing; innovation with mobile and intuitive apps is accelerating as they gather momentum and scale.” The board initiated a review of strategic options available to the company to “maximise value for shareholders and arrest the cash burn” after recognising it would not break up when expected.
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It added: “All options available to the company were considered, including further cost reductions and the disposal of certain subsidiaries or assets to aid streamlining…
the best course for shareholders is to seek a buyer for the traditional dating assets.” The listed firm will still exist as a shell company called Castle Street Investments, named after the Edinburgh street where the company is based, and will have around £18 million to use.