LONDON (Thomson Financial) - Milestone Group PLC posted a narrower first-half pretax loss on d
isposal of its publishing and radio assets, while revenues more than halved, and the company said it is considering funding needed for expansion.
'The company has sufficient reserves in place to continue to trade as a going concern for the foreseeable future. The board is considering the likely funding requirements of an expansion of the company's business...,' Milestone said.
The AIM-listed media company posted a pretax loss of 653,897 stg against last year's 1.8 mln stg loss, while revenues slipped to 50,918 stg against 1.76 mln stg. Cash reserves stood at 0.6 mln stg against 0.7 mln stg, it said.
Milestone said its television business' loss reduced to 40,000 stg on turnover of 46,000 stg and the division continues to trade at a 'modest loss' broadly in line with expectations.
The company reiterated that as part of its strategy to cut down overhead costs, chief executive Andy Craig has agreed to step down but will remain as non-executive director, while finance director Brian Chester will continue to serve but in a part time capacity.
COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.