Flightstore on the prowl

Advisers to digital media specialist Flightstore say it is ‘not out of the question’ that the AIM-quoted concern will seek a further funding, now that GP Capital has been hired to ‘search for acquisition opportunities’.

Andy Mitchell, who became chief executive officer in March, wants the company to adapt its technology to wider markets after advertisers failed to warm to selling goods and services through back-seat in-flight entertainment systems. Flightstore is looking for several ‘small’ acquisitions to take it into new fields.

After losing £563,400 in the first half year, the company still had £1 million in the bank in June, but might consider asking for more if GP’s researches produce a bigger potential deal.

Mitchell, well versed in online advertising and digital media, wants Flightstore to exploit the mainstream internet and advertising markets and other interactive channels. He has the support of Marcus Bicknell, who helped launch the pioneering ASTRA European satellite in 1988 and joined Flightstore’s board in August.

Since floating in December, Flightstore shares have fallen 70 per cent to 3p.

Leslie Copeland

Gordon Yost

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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