LONDON (Alliance News) - Motive Television PLC Thursday said it expects to move from development to growth during 2014 as its products move towards commercialisation, while it posted a widened pretax loss in 2013.
The company posted a pretax loss of GBP3.1 million in 2013, widened from GBP1.3 million in 2012, despite seeing revenue rise slightly to GBP1.2 million from GBP1.1 million, primarily as 2012 benefited from exceptional income of GBP1.7 million.
Motive Television said it had deployed its Motive Content Express technology with its first clients during the year. It is continuing to support and maintain this technology, and is discussing further enhancements and extensions with the customers.
The company has switched its focus towards its Digital Business and technology for the television sector. However it still owns a production company in Dublin, Motive Television Ltd. The production company started the year in a better position, Motive said, having won two new production contracts in December 2013. However, the outlook for Irish television production remains challenging, it said.
The company's digital revenues rose 44% to GBP804,826 from GBP560,186, it said, offsetting a decline in its content revenues.
Last month the company raised GBP3.0 million through the placing of convertible security with Bergen Global Opportunity Fund LP to help fund the anticipated acquisition of the last third of its Spanish subsidiary.
The company entered into discussions with CCAN 2005 Inversiones Societarias, SCR SA De Regimen Simplificado about the acquisition of the remaining 32.3% interest in the subsidiary. It initially exercised its right to purchase the share in July 2012. However CCAN disputed this, and Motive is now seeking to resolve the dispute.
It has raised its provision for a settlement to EUR600,000, and said that, should it reach a settlement with CCAN, the cash will be provided by the funding with Bergen.
Its Tablet Television product is currently being tested in the US ahead of consumer trials, and it expects a commercial launch in 2014. Additionally, it has developed a Tablet TV Freeview product, and it has begun the testing and certification of the product ahead of its launch in the UK.
Shares in Motive were trading down 2.9% at 0.0170 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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