LONDON (Alliance News) - Business-to-business media company Vitesse Media PLC on Thursday said its revenue rose in its financial year to the end of January and said its operating loss for the year has been substantially reduced close to breakeven.
Vitesse said it expects its results for the year to show a significant year-on-year improvement and said it has made changes recently to allow it to respond more effectively to prevailing market conditions. But it did say it remains hampered to some extent by its size and the number and scale of opportunities it is able to handle at any one time.
Despite that, the group said it is reassessing its previously-announced plans to raise capital via crowdfunding, having experienced delays in this process.
Vitesse said its events arm performed well over the year but said its media arm saw mixed results, though it expects this to improve in the current financial year.
Vitesse will publish its full annual results in late July.
Shares in Vitesse were up 14% to 2.98 pence on the news, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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