(Sharecast News) - Reach4entertainment Enterprises shrank its annual loss after a new management overhauled performance at the theatre and entertainment communications group.
The AIM-listed company posted a £0.2m pre-tax loss for the year to the end of December compared with a loss of £2.7m a year earlier. Revenue fell to £77.2m from £80.2m but cost of sales fell to £12.3m from £16.7m.
R4e owns a range of businesses selling branding, design and advertising services to the theatre, film, sport and other entertainment sectors. The company brought in Marc Boyan as chief executive in late 2017 to improve performance and raised £5.5m to strengthen its finances.
Chairman Michael Grade said Boyan had improved the core theatrical business, made acquisitions and brought in new employees to revive the company's fortunes.
Grade said: "I am delighted to report that the turnaround has significantly improved how the group's agencies are operating, which is reflected in the increase in profitability.
"Whilst operational changes to the core business have been instrumental in returning the business to profitability, the launch of new agencies [is] broadening the group's offering."
The shares rose 2.1% to 1.2p at 0955 BST.