Twitter posts meagre £16,000 profit in the UK despite rumours of $11bn flotation

Despite growing rumours circulating around Twitter's expected foray into the New York Stock Exchange in 2013, the micro-blogging service has released a dismal financial result for their UK operations.

According the The Drum:

The secretive firm is gearing up for a £6.8bn flotation in the US on the back of advertising sales projected to hit $545m this year (83% of which emanates from the US market) – and $807m by 2014.

Despite soaring advertising revenues through Twitter's 'promoted tweets' service, which includes blue-chip clients such as Sky, BT, Electronic Arts and Paramount Pictures, profits were a limp £16k.

According to the Guardian:

It is too early to tell, however, whether the microblogging website will adopt the kind of financial structures favoured by other internet firms such as Google, Amazon and eBay to lower their UK tax bills.

The business is estimated to have taken $288m in global advertising revenues last year, according to the research firm eMarketer – a figure that is projected to rise to $545m this year and $807m by 2014.