LONDON (Alliance News) - Rightster Group PLC Wednesday reported a widened pretax loss for 2015 as it detailed its plan to change its name to Brave Bison Group PLC, as part of a larger retooling of the company.
Rightster provides an online video distribution and marketing network. During 2015 the company undertook a strategic review, under which it was considering a potential sale of the business.
However, in November it took itself off the market following a overhaul of its management. Chief Executive Officer Patrick Walker stepped down, and Ashley MacKenzie, previously chief of a company Rightster acquired in 2014 called Base79 Ltd, took over the position.
Following the shuffle the company raised GBP10 million in January as part of its plan to refocus the business, including cost-cutting measures to achieve yearly cost savings of GBP8 million.
This restructuring programme resulted in a hefty impairment charge of GBP36.0 million, which led to the company reporting a pretax loss of GBP54.4 million for 2015, widened from a pretax loss of GBP18.8 million the year before, despite seeing revenue, including the company's share of commissions, rise to GBP24.2 million from GBP13.9 million.
Rightster said the restructuring had been completed ahead of time, and it had achieved an additional GBP4 million in yearly cost savings. The company said that, under its new strategy, it has "created a platform for a viable online video business, which we look forward to moving to profitability."
The company said it is currently trading in line with management expectations for 2016.
As part of its new strategy Rightster is proposing to change its name to Brave Bison, as it feels this "embodies the spirit and values, the attitude and energy, necessary for our company's essential next chapter." This is subject to approval by shareholders at the company's annual general meeting on May 9, and if approved the company will begin trading under its new name on May 10.
Shares in Rightster were down 0.4% at 3.61 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.