Online loyalty and direct marketing specialist NetIncentives yesterday reported a quintupling of revenues to $42.8 million in 2000 compared with 1999.

But this bullish performance did nothing to allay the company’s woes as losses for the year rose by a factor of almost four to $184.7 million. In Q4, it lost $84.5m on revenues of $17.4 million.

In an appeal to investors after the market closed last night, NetIncentives ceo West Shell insisted that the company will become cash positive in the final quarter of 2001.

Shell plans to continue building his management team and invest in technology while actively seeking new clients in five prime sectors: retail, media, financial services, travel and corporate incentives.

News source: Advertising Age - International Daily