LONDON (Alliance News) - Media and entertainment marketing group reach4entertainment Enterprises PLC Wednesday that, since agreed a deal to lower its debt, it is confident it now has a "solid" platform from which to progress in the coming years.
The company reported a pretax profit of GBP4.5 million for 2015, swung from a pretax loss of GBP5.1 million, on revenue of GBP85.8 million, up from GBP83.3 million the year before.
Reach4entertainment said its pretax profit was boosted by an exceptional gain related to the write-off of debt and waiving of deferred consideration.
During the year the company restructured its debt, raising GBP4.0 million and securing a GBP9.5 million debt facility with PNC Business Credit. It repaid GBP9.6 million of its existing facility with Allied Irish Bank and granted 25 million warrants to AIB, with the balance of the loan written off.
This restructuring means that its borrowing costs will reduce by around 50%, reach4entertainment said.
The company said the theatre and live entertainment market continued to be stable over 2015, and during the year it promoted over 100 shows in London and internationally.
"Now that the restructuring of our debt is complete, I am confident that the company has a solid platform from which to progress in the coming years. The focus is now very much on creating long term value for our existing and new shareholders by continuing to maintain our status as a market leader in both London and New York, as well as identifying and executing strategic opportunities to enhance the business," said Executive Chairman David Stoller in a statement.
Shares in raech4entertainment were down 4.4% at 2.51 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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