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To: donkeyman who wrote (2871)	9/28/1999 2:18:00 AM
From: Jon C	Read Replies (1) of 3519

Freeserves first quarter results. Should help underpin UK internet plays. 1999 Freeserve announces strong first quarter growth Freeserve plc, the UK's leading Internet business, today announces its first set of results since admission to the London Stock Exchange and Nasdaq, for the sixteen week quarter ended 21 August 1999 (comparisons are with the twelve week quarter ended 1 May 1999). Salient features are as follows: First Quarter Results * 1.406 million active registered accounts* as at 21 August 1999, a 19% increase on the previous quarter end; * over 2.2 billion minutes of use for the 16 week period (1.5 billion for the 12 week quarter ended 1 May 1999); * average four-weekly churn ** continued to decline from 11.9% in the previous quarter to 9.5% in this quarter; * 76 million page impressions in August (64 million in May); * turnover of #3.4 million, and loss on ordinary activities before exceptional items and taxation of #5.0 million; * 104% increase in turnover for the 16 weeks compared to the last (12 week) quarter of 1998/1999; * e-commerce and advertising have overtaken connectivity as the principal source of revenue; * a host of new content services, entertainment and commerce opportunities (see Quarter One Events); * strategic investments made in GlobalNet, TelePost and Babyworld; * joint venture to establish UK on-line share trading.Current Trading * 1.478 million active registered accounts* as at 26 September; * active registered accounts have increased by 14,000 per week since the quarter end, compared to 11,000 per week during July and August; * 594 million minutes of use in the first four weeks of the new quarter (557 million in the prior four weeks to 21 August); * churn has continued to fall since the quarter end. * An active registered account is one which has been used in the last 40 days ** Churn is defined as those accounts which have become inactive during a period, expressed as a percentage of total active accounts at the beginning of that period Regards Jon C

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