Troubled online directories business Scoot.com today said it was confident of reviving its fortunes as it showed it was cutting back losses.
Chairman Mr Dick Eykel said that despite the recent challenges there had been "positive progress" in the group.
First quarter losses were £24.3 million sterling, compared to £33 million in the previous three months, as revenues edged up.
Mr Eykel said he was still hopeful Scoot, which also owns free-ads newspaper Loot, could become cash-flow positive by the end of next year.
He said the company's management was focused on raising funds and implementing "significant" cost-cutting measures so Scoot could be taken forward "from a solid base".
The results come a week after chief executive Mr Robert Bonnier quit as the company said there was "insufficient working capital" for the next 12 months.
The once high-flying Internet venture revealed it had spent all but £7 million of the £300 million it had raised from the stock markets since 1996.
Scoot said it needed cash urgently and that it may consider selling off its Loot business to generate funds.
It also announced plans to cut 285 jobs across Britain and Europe.
PA