Moneyweb Holdings to move from Melrose Arch to low-cost offices

Posted On Tuesday, 16 September 2014 09:08 Published by
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Moneyweb Holdings will move to cheaper offices as part of efforts to cut costs, the listed Caxton unit says.

Paul Jenkins Moneyweb

Moneyweb Holdings will move to cheaper offices as part of efforts to cut costs, the listed Caxton unit said on Friday while announcing a R2.6m loss for its year ended June. Moneyweb operates from the mixed-use Melrose Arch precinct in Johannesburg which is considered one of SA's prime real estate developments.

The media company's existing office space is listed on Melrose Arch's vacancy schedule. Despite recording another loss, Moneyweb chairman Paul Jenkins said in a statement that "there is a new energy in the offices and a feeling that the company has turned a corner". "There is stability in all departments of Moneyweb and a sense of urgency among senior management to unlock the growth potential in the company," Mr Jenkins said.

The company's revenue fell to R23.5m for the year, from R34.3m previously. It made a loss of R2.6m, from a loss previously of R89,000. Moneyweb said the year to June saw the media sector "continue to morph into a hybrid of traditional and digital media, challenging each other for audiences".

"Moneyweb understands both mediums well and has managed to deliver audience success through its unique brand of investigative, educational and topical content," the media company said. The company's medium-term goal was to improve sales "and start turning a profit throughout its business", it said. Moneyweb would relocate to cheaper premises to cut and manage its costs. 

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