LONDON (Alliance News) - Vitesse Media PLC Monday expressed confidence that it will begin delivering on its full revenue and profit potential, boosted by the launches of a new crowd-funding platform, after it posted a narrowed loss in the year to end-January.
The company posted a pretax loss of GBP177,508, narrowed from GBP502,058 in the previous year, as revenue was broadly flat at 2.1 million, benefiting from lower costs. In the previous year the company had posted higher share-based payments and a GBP130,917 impairment of goodwill.
Vitesse Media said it had seen user numbers at its three major websites rise during the year, with visitors at 'What Investment' up 93%, 'Information Age' by 34% and 'SmallBusiness.co.uk' up 26%.
The company is planning to invest in technology for these sites during the coming six to nine months, in order to make all of the sites mobile accessible.
In Vitesse Media's events business, the company won several contracts, boosting revenues during the year. In Technology, revenues fell, and the company has changed management and reduced costs to turn the business around. It remains confident that the division will contribute positively in the future.
In its Investment division, revenues declined during the year, despite web traffic increasing. It plans to integrate a new lead-generation platform into the 'What Investment' site and launch a Peer-to-Peer awards event.
In its small-medium-enterprise division, revenues rose 21%, as the company continued to work on contracts with clients including Microsoft Corp, Google Inc and Sage Group PLC amongst others.
The company said its trading in May had continued to show an improvement in sales, and said it expects its half-year results to be ahead of the previous year.
Shares in Vitesse Media were trading up 2.8% at 5.01 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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