LONDON (Alliance News) - Reach4Entertainment Enterprises PLC Thursday said its 2014 results will be "in line with expectations", but warned its performance in 2015 will not be as good.
"The company will report results for the full year in line with market expectations. Although overall performance in 2014 has been strong, it is not expected that 2015 will match these results," it said in a statement.
In September, the media and entertainment company posted a pretax profit of GBP709,000 for the six months to June 30, 2014, compared with a pretax loss of GBP77,000 in the year-earlier period, as revenue improved to GBP41.5 million from GBP35.0 million.
Reach4Entertainment said Thursday that growth in 2014 was generated from the company's New York based Spot & Co of Manhattan Inc, which is a theatre and live entertainment business that benefited from a number of "significant one-off projects which are not likely to be repeated in 2015."
The company said it is currently funded by a significant bank loan, and is currently in discussions with the bank and third parties on how best to restructure this bank loan or replace it altogether.
Reach4Entertainment shares were down 18% to 3.50 pence per share on Thursday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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