UK m-commerce venture Weve, which is backed by O2, Vodafone and EE, has turned a gross profit of £5.5 million since its launch in 2013 but once all expenses are included it hit a pre-tax loss of £25 million.
The company’s filing at Companies House was obtained by Mobile World Live, although initially reported by the Financial Times.
The company made revenue of £13 million from mid-August 2012 to end-December 2013 and incurred £7.2 million in cost of sales.
However, the resulting £5.5 million gross profit was wiped out by £30 million in operating expenses, including staff costs of £10 million, development costs (£1 million) and R&D (£3 million). The company launched in early 2013.