LONDON (Alliance News) - Shares in Vitesse Media dropped on Tuesday as Finance Director Edward Riddell announced his intention to resign, on top of company expectations of a widened loss for its recently ended financial year.
Shares in the digital media and events business were down 29% at 2.31 pence on Tuesday.
In January, Vitesse said it expected a small loss for the year to the end of March, compared to a previous expectation of a small profit.
However due to a reduced level of higher margin media sales, the company now anticipates reporting a pre-exceptional loss of GBP380,000, widened from GBP11,700 the year before.
Non-recurring costs came up to GBP125,000, down from GBP176,000, due to restructuring and fees incurred in potential acquisitions.
In addition, Riddell has chosen to resign from the company due to the "changing nature and scale" of the business, and to pursue other business interests.
"The company continues to make substantial operational progress as we put in place the managerial and technical platform to enable us to significantly scale the business. We are in good shape to execute on our ambitious growth plans; developing new revenue streams and building the business both organically and through acquisition," said Chief Executive Simon Stilwell.