Ve Global eyes new year profit as turnaround gathers momentum
Chief executive Morten Tonnesen said the firm is now on track to break even by December.
The boss of Ve Global has backed the former tech unicorn to swing into profit by the start of 2018 as efforts to revive the company gain traction.
Chief executive Morten Tonnesen said the firm was burning through £2 million a month when he joined in April but was now on track to break even by December.
It comes after the advertising technology firm – formerly known as Ve Interactive and valued at more than one billion dollars – collapsed into administration in April when its cash flow came under severe strain.
Since then, the firm has been rebranded as Ve Global and been put through a major overhaul, letting go of around 100 UK staff and shifting to new offices at the White Collar Factory in London’s Old Street.
Speaking to the Press Association, Mr Tonnesen said the firm was now looking to double revenues for 2017/18.
He said: “We have a business that is performing well from a revenue standpoint.
“What we have been doing over the last four-and-a-half months (…) is focusing on optimising the business.
“In order to get our business into line, some of our colleagues had to leave to make sure the team was more tied to the future challenges.
“Overall the business is healthy and thriving and there is absolutely no reason why the deeds of the past should in any way overshadow the future.
“What I am focusing on for the business going forward is that if the business grows and is solid and well funded, which it is, then we hope to reach profitability before Christmas or break even.”
Ve Global, which has 10,000 clients and employs 160 UK staff and 400 globally, secured £15 million from investors last week to help finance product development and a push into US and Asian markets.
Mr Tonnesen said the firm would use its wealth of data to bring more products to market in the third and fourth quarter, handing a further boost to revenue.
On future funding, he said the company was well resourced for the year ahead, but would explore the option of venture capital investment once the business was financially strong.
He added: “Right now we don’t have any need for any more funding, but in the future we might want to accelerate further our growth and we could potentially go to market and raise more capital.
“I think the key thing before we do that is to ensure we up our profitability numbers and deliver the growth that we want to have, and then we will hopefully achieve a bigger raise and shareholders would get limited dilution.”
Ve Interactive founder David Brown left the business earlier this year after coming under fire for the firm’s exorbitant spending under his tenure.