Weve makes gross profit of £5.5M but falls to pretax loss

Weve makes gross profit of £5.5M but falls to pretax loss

19 MAY 2014

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.

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Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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