LONDON (Alliance News) - Ten Alps PLC Monday said its trading since the start of its new financial year has been "encouraging", and it reported a narrowed pretax loss for its most recently ended financial year.
The television production, publishing and communications company reported a pretax loss of GBP1.3 million for the year to end-June, narrowed from a pretax loss of GBP2.6 million in the fifteen months to end-June 2014, as a fall in revenue to GBP20.5 million from GBP29.5 million was offset by lower operating expenses.
The company attributed the fall in revenue to its publishing division, where revenue fell 33%, as it continued to streamline its portfolio and exit unprofitable, low-margin contracts. Gross margin increased to 33.2% from 32.0%.
Following the year end the company completed a refinancing, raised GBP4.5 million, restructured its balance sheet, and acquired production business Reef TV.
"Trading since the start of the new financial year has been encouraging, and all business units are forecast to operate profitably throughout the current financial year. We are now seeing great momentum behind the group and have secured 40% of our target full-year revenues before the end of the first quarter," said Chief Executive Mark Wood in a statement.
"We will continue to pursue growth, both organically and through acquisition, to achieve scale as one of the UK's leading content creation and story-telling businesses," Wood added.
Shares in Ten Alps were up 6.7% at 3.20 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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