InterX staff out of luck in cost cutting measures

NEWS The drastic action is being taken to protect the company's £35m cash reserve which has been ear-marked for future growth. Simon Barker, InterX CEO, said in a statement: "I fully appreciate that the last two weeks have been a time of great uncertainty, especially for all our staff and shareholders. We have acted promptly and decisively to protect our considerable cash reserves and to secure the company's future. "I can assure our shareholders that we are taking a similarly decisive approach to the strategic review." The company was thrown into turmoil only two weeks ago when it lost its high-profile CEO, Philip Crawford. Its shares then dived 295p to 220p. At 13:00 (GMT) today they were trading in low volumes in a range between the 185p starting price and 175p. Crawford, previously head of international operations for services giant EDS, had been brought in to drive InterX's move to become a global company. He cited as his reason for leaving the board's concerns over the high cost of acquiring customers. The group is due to report first half results on 7 March and the results of the strategic review will be announced on 27 March. Last November, the company reported £2m revenue and £5.8m operating loss for the quarter.