TAL.L Share News (TAL)

AIM media group Ten Alps suffered increased losses and lower revenues during a 'transformative' year of restructuring.The broadcasting, television and radio production, and publishing group said it has "moved decisively away from the legacy of its past" with a series of disposals and a simplified management structure to lower its cost base and push into faster growing markets.Ten Alps disposed of three entities, ceased operations in three locations, relocated a large unit and reorganised the senior management and finance function.Losses before tax increased from £3.6m to £8.0m as group revenue fell from £34.2m to £27.6m.The group spent £0.46m on reorganisation and restructuring costs, down from £1.2m the year before, with further impairment and amortisation of £4.2m up from £2.2m previously. Chairman Peter Bertram said the company had set out to improve its performance from the preceding year but due to the actions taken and the tough economic climate, it had incurred substantial losses, a significant proportion of which were non-recurring. "However, we believe it was the right strategy to adopt in order for us to deliver our stated goals for the future. "We are setting similar goals for this year with clear emphasis on creative content and products, cash generation, core market growth and enhanced overall performance thereby enabling us to address the interests of the various stakeholders of the group."Ten Alps has streamlined itself into two core divisions of Broadcasting and Integrated Services.Broadcasting, which received two Bafta nominations for its Great Ormond Street and Lucian Freud programmes and had two further series of Benidorm ER commissioned, increased underlying earnings before interest, tax, depreciation and amortisation from £0.59m to £0.65mIntegrated services includes publishing and a corporate social responsibility arm. The former, which produces content across print, online, tablets and events, moved from profit to loss, while the latter broke into the black.Group net debt swelled from £6.1m to £6.9m, with £3.1m cash in the coffers at the year end.Shares in Ten Alps were flat at 1.58p by 09:10 on Friday.OH