Woosh burns through another $21 million

Growth appears to have stalled for internet service provider Woosh Wireless, which is reporting a bottom-line loss of $21.2 million for the year ended 30 June 2008.

Woosh's revenue grew from $16.4 million in 2007 to $17.2 million in 2008, an increase of 5 percent. At the end of the 2007 financial year the comparable growth rate was over 50 percent, off revenue of $10.4 million in 2006.

Woosh's reports net assets of $25.9 million, down from $47 million, with accumulated losses now totalling $142.2 million. Cash on hand has fallen from $6.4 million to just $1.5 million.

Last July, The Independent reported Woosh was trying to secure an "angel" investor after a vote of no confidence by investor Todd Capital after Todd's Brett Sutton resigned from the Woosh board.

Calls to Woosh chairman Rod Inglis have not so far been returned.

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