|Perth online porn broker Adultshop.com will enter the realms of Internet gambling and dating services as the cashed-up company goes on the hunt for acquisitions in the next six months. |
Further expansion of its Today's Success online 'adult entertainment' business has kept the cash registers ringing for Adultshop, which yesterday revealed it had collected a hefty $42.3 million in revenue for the three months to June 30.
The company posted a net operating cash flow of $6.3 million for the quarter, ultimately adding $5.6 million to the coffers to boost its bank balance to $17.5 million.
The cash-in-hand figure is marginally ahead of Adultshop's own projections, which had forecast reserves of $17.4 million at June 30, and the company yesterday signalled it was ready to pursue both internal and external growth opportunities.
Adultshop chief executive Malcolm Day said the cash reserves were 'not quite' at the undisclosed figure the company had set as a prerequisite for further acquisitions. However, it had already identified a number of likely targets.
'We are exploring other online business opportunities ... most brokers I spoke to on our eastern states roadshow said there were only three types of business making money: adult, gambling or financial,' he said.
'We're never going to get into the financial sector ... things like online dating and your online gambling and sports betting are some of the potential areas we will be focusing on.'