Webfirm FY11 loss grows to $10.3m

Internet advertising company Webfirm has revealed its FY11 loss more than doubled to $10.3 million, and announced the departure of its CEO.

The lower sales that result from the restructuring should be compensated for by the reduced cost overheads, Webfirm said in a market update, which would allow the business to become profitable from straightway year.

Webfirm's new core focus, its Adslot advertising sales automation platform, in the meantime generated just $900,000 in revenue for FY11. However the company expects revenue to pick up as current customers integrate the platform more deeply into their operations.

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