The Adam Faith-backed Money Channel, due on air in February, reported losses for its first half-year Pounds 638,000 for the six months to September 30, in line with company expectations. Chairman Paul Killik said the embryonic broadcaster expected to lose around Pounds 3.4 million in its first year, again in line with expectations. Money has spent Pounds 1.3 million to September 30.

Money Channel is building a studio complex in London’s Docklands, mid-way between the Canary Wharf financial centre and the ‘square mile’ business district. Despite not yet having started transmissions, Money Channel’s stock price has rocketed. Shares, listed on London’s Alternative Investment Market (AIM), were offered to the public last June at 22p, raising Pounds 6.2 million, and have since increased in value more than ten-fold to 249.5p last week, on the back of formal announcements that Granada will sell the channel’s airtime (as reported exclusively in Interspace some two months ago) and that US information group Primark will invest Pounds 3.1 million, securing on-screen exposure for its Topic and Datastream services.

Money will be carried by Sky Digital, and Killik says the company is in talks with UK cable and overseas distributors.

Money’s distribution achievements to date have been impressive. Besides winning Sky carriage, it is understood that cable operators NTL and Telewest are close to exchanging carriage contacts with the channel and there is also the tempting prospect of an ONdigital agreement initially for night-time carriage, which might then develop into daytime coverage.

Surprisingly perhaps for what is seen as a UK-focused channel, overseas satellite and cable operators are interested in the Money concept, especially if localised data can be inserted. Cablecom in Zurich, Mediakabel in The Netherlands and certain Nordic operators have expressed more than casual interest. Additionally Eurobell and Atlantic Cable are expected to carry the service.