LONDON (Alliance News) - Motive Television PLC Tuesday posted a widened loss for 2014 as a result of a hefty impairment of goodwill and higher costs ahead of the launch of its mobile on-demand video product TabletTV.
The technology, software and services company posted a pretax loss of GBP12.6 million for 2014, widened from a pretax loss of GBP3.1 million in 2013, as revenue fell slightly to GBP1.1 million from GBP1.2 million, mostly as a result of a GBP10.8 million goodwill impairment, and increased costs in relation to the launch of new products.
Throughout 2014, the company worked on launching and updating its products, continuing to roll-out its Content Express software and completing the soft launches of TabletTV in the US and UK towards the latter end of the year.
Motive said that the concentration on the launch of TabletTV during the year meant that 2014 "was not a year for revenue growth and was instead a year of investing in our products."
Following the year end the company has continued to improve TabletTV and prepare for a full launch in both the US and UK. The company said it is "now ready to launch fully in both markets and additional ones through partnerships with national broadcasters, telecoms, and other television and entertainment organisations."
Additionally Motive has been working on a second mobile product, bring-your-own-device television, and has signed a contract with Twin Peak SA for this product for ships at sea. Since April this product has been deployed on multiple passenger ferries in Greece.
Shares in Motive Television are trading down 16% at 0.00670 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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