Motive Television Plc Share News (MTV)

Losses widened at AIM-listed Motive Television in 2013 as it looks to move "from the development to the growth stage" in the current year.Turnover increased 7.3% to £1.17m in the year, with operating losses reduced 14.3% to £1.86m, although pre-tax losses more than doubled from £1.33m to £3.05m, hit by exceptional financial costs and increased net financial costs. Losses per share declined to 0.02p from 0.03p. The group is focused on its Digital Business, which aims to digitise television content for broadcasters, which increased revenue by 44% to £0.8m and reduced its losses by 26% to £0.9m. Executive Chairman Michael Pilsworth said: "During the year under review Motive rapidly developed its digital business and expects to move from the development to the growth stage during 2014. This will occur as products and services the company has developed move into commercial use."During the 12-month period, the company made "substantial" progress with both legacy clients, such as Mediaset and Digiturk, and post-acquisition customers, such as CME, Siyaya, and Granite Broadcasting. It also improved its capital structure and reduced its debt level. Cash at the year-end totalled £0.25m, up from £0.15m a year earlier. NR