Furthermore it said its mobile internet venture with Vivendi Universal named Vizzavi is expected to achieve

Furthermore, it said its mobile internet venture with Vivendi Universal, named Vizzavi, is expected to achieve monthly Ebitda break-even by the end of 2003, with planned investment of 1.6bn euros (£1bn) by the end of 2002. Vizzavi, which aims to have more than 2 million registered customers by the end of the second quarter of this year, forecasts that revenue will be generated from advertising this year. It expects to see revenues coming from e-commerce and other sources next year.Separately, Vodafone announced it was extending its short code dialling numbers, to access services such as voicemail, to six other European countries.. Coats Viyella, the UK’s largest quoted textiles group, shook up its board yesterday and said it was dropping “Viyella” from its name. Coats Viyella, the UK’s largest quoted textiles group, shook up its board yesterday and said it was dropping “Viyella” from its name.
Kazia Kantor, the finance director, and Mike Hartley, the chief executive of the Viyella division, have left the group, Coats said, following its decision to focus on its threads business.

Jonathan Lea, formerly the finance of director of the threads division, replaces Ms Kantor, while Mr Hartley’s departure comes in the wake of the break-up of the Viyella clothing unit.Martin Flower, chief executive of Coats’ thread division, steps up to become group chief executive. Coats Viyella has been without a chief executive since the departure of Michael Ost in 1999.Coats said the moves had nothing to do with last year’s campaign by Guinness Peat, a 12 per cent shareholder, aimed at forcing the group into a restructuring. Guinness Peat succeeded in installing three of its representatives as nonexecutive directors by threatening to requisition an extraordinary general meeting.Ms Kantor said she was leaving having completed the task of seeing through a restructuring plan unveiled in 1997. “It’s time to move on and I’m going to have a long holiday,” she said. Coats declined to reveal how much it was compensating Ms Kantor for loss of office.

In 1999, she was paid a basic salary of £240,000, with benefits and bonuses adding a further £71,000. She was on a one-year contract.”As far as I could tell, they [the Guinness representatives] were entirely in agreement with what we are doing. There isn’t a tissue paper of difference between us,” said Ms Kantor.One analyst, who declined to be named, said: “I don’t think Kazia would have been comfortable in the role in a simple industrial threads group The job going forward is much more mundane. It’s just running a business that’s doing OK now.”The moves came as Coats posted full-year results showing pre-tax losses of £29.9m, against profits of £63.6m last year, in line with expectations Sales in continuing business rose 8 per cent, to £1.16bn. In September, Coats unveiled a restructuring programme, including disposals and the loss of 2,000 jobs, following a downturn in trading.The group is to rename itself Coats to reflect its focus on threads, now two-thirds of turnover, following the sale its contract clothing and home furnishing operations The group retains the Jaeger and Viyella retail chains..

Wiggins Group, the developer of Manston Airport near Margate in Kent, was slated yesterday for “significant” errors in accounting by the Financial Reporting Review Panel. Wiggins Group, the developer of Manston Airport near Margate in Kent, was slated yesterday for “significant” errors in accounting by the Financial Reporting Review Panel.
The panel found that Wiggins’ accounts failed to comply with the 1985 Companies Act for six financial years running from 1995 to 2000. That had the effect of turning total reported pre-tax profit over the period of £39.9m into losses of £25.2m.Oliver Iny, the chief executive, said: “There was never a question of impropriety but a question of balance sheet geography. We have restated our accounts and we can now get on with life.” Wiggins stock was largely unscathed by the report, dipping 0.75p to 31.25p. However, the shares have fallen from 49.5p 13 months ago when the panel began its inquiry.Richard Sykes, chairman of the panel, said: “The panel welcomes the corrective action taken by the directors and regards its inquiries into the company’s accounts for the years under review as concluded.” The panel, however, may still forward its findings to regulators, including accountancy professional bodies.Mr Sykes said: “Investors and all those with an interest in a company must be able to rely on its published accounts. Unfortunately, this has not been the case as far as the accounts for the years under review are concerned because of the scale of the errors over a considerable period.”HLB Kidson was Wiggins’ auditor throughout the period, and continues in that role.The accounting errors concerned the recognition of revenues and costs incurred by Wiggins’ PlaneStation project to create a network of regional airports linked to Manston Airport.