Bebo's UK losses revealed

Bebo's parent company, AOL, has said it will sell or shut the website. Photograph: Linda Nylind

Bebo UK plunged into the red last year as post-tax profits fell 143% year on year in the 12 months to the end of May 2009, a performance that led its parent, AOL, to decide to sell or shut the struggling social networking website.

The social networking website's UK business moved from a healthy post-tax profit of £2.6m in the previous year to a loss of £1.1m, a 143% year-on-year fall, according to figures for Bebo UK Ltd filed at Companies House. AOL acquired Bebo in 2008 for $850m (£550m).

Companies House figures show that turnover fell 29% year on year, from £8.8m to £6.2m, for the period, while operating profits were down 32% from £798,560 to £541,268.

According to the filing, wage and salary costs rose 35.6% year on year, from £1.96m to £2.67m in the 12 months to the end of May 2009.

However, total staff costs, including payments such as pensions and social security, fell by 42% year on year from £6.2m to £3.6m. This was mainly due to "share-based payments expenses" falling from £3.8m to just £144,616.

In the filing, AOL said that its directors are "unable to conclude with certainty that the company will continue as a going concern for a period of 12 months from the date of signing these financial statements".

The statements were signed on 1 April. AOL announced less than a week later that it was conducting a strategic review of the Bebo business, likely to be either a sale or closure, which is due to be completed at the end of next month.

Bebo UK has total debts of just over £6m, with £5.6m of that related to "intercompany debtors".

source : http://www.guardian.co.uk/media/2010/apr/20/bebo-uk-losses

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