(Alliance News) - Reach4Entertainment Enterprises PLC said Monday its interim loss narrowed as revenue surged after the turnaround of the live entertainment communications firm progressed.
For the six months ended June, pretax loss improved to GBP184,000 from GBP498,000 the year prior. This was after revenue rose 60% to GBP56.8 million from GBP35.4 million the year before.
"The success of the turnaround strategy has been demonstrated through the significant jump in group revenue and Ebitda," R4E Chief Executive Officer Marc Boyan said.
Adjusted earnings before interest, taxes, depreciation & amortisation widened to GBP1.2 million from GBP440,000 the year prior.
"Whilst the performance of the traditional business is much improved, the decision to expand into the broader area of live entertainment is delivering new clients and opportunities," Boyan added. "With our agencies securing a number of new mandates in the first half, the group is on track to meet its market expectations for the full year."
Shares in R4E were 2.1% lower at 0.96 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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