Relationship marketing website Pigsback.com has announced that it expects to make a profit for the first time this year.
Founder and CEO, Michael Dwyer, (pictured) predicts a six-figure profit for its financial year to the end of June 2003.
Pigsback.com was launched in July 2000. It recorded sales of over €800,000 during its first year of trading and €1.7m for the financial year to last June. Its shareholders include Xtra-Vision, Enterprise Ireland and private investors.
Dwyer said the company planned to raise €3m by the middle of next year to expand its operation to London and the Manchester/Liverpool area. It has already rolled out services in Northern Ireland, where it has an estimated 15,000 members.
“It is a very, very tough market, but we have a good history of raising money,” said Dwyer.
“Companies that use IT to enhance their business and their brand are doing very well. There has been a substantial increase in internet usage year-in, year-out, so we can now make a good living from it, whereas a couple of years ago, you couldn’t,” he added.
Pigsback.com is operated by the Dublin firm Empathy Marketing, which employs 23 people. The website has 172,000 Irish members who have signed up to receive special offers from a number of shops, hotels and businesses.
By Lisa Deeney