LONDON (ShareCast) - Internet-dating company Cupid announced on Monday that one of its largest investors had more than doubled his stake after the recent slump in its share price.
Richard Griffith, one of the company's top-five shareholders, has raised his share capital from 3.9% to 8.9% after buying up 3.2m shares.

Prior to the deal, the stock had fallen by nearly 70% since the start of the year.

Cupid reported last month that revenues in the first half declined to £7.2m from £9.4m in the second half of 2013 due to lower direct marketing spend, a more competition market and delays in implementing product changes.

Chairman George Elliott said at the time: "The rate of change in the dating market is accelerating as applications like Tinder build significant value, gaining share and putting pressure on traditional models.

"Given the value being created by adtech and the alternative dating models we are well positioned to accelerate our move into this new landscape."

Shares were up 8.6% at 22p by 14:53.

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