LONDON (Alliance News) - TV and multimedia content producer Ten Alps PLC reported Monday a severely widened loss for its most recent financial year, but said it expects to return to profit in the current financial year.
Ten Alps reported a loss for the twelve months to June 30 of GBP6.4 million more than four times its GBP1.3 million loss the year before. However, the company's revenue increased to GBP22.6 million from GBP18.0 million, with gross profit up to GBP6.4 million from GBP6.1 million.
Ten Alps noted the loss for the year included a GBP3.2 million charge driven by the impairment on the carrying value of its Ten Alps Media, Ten Alps Communications and Grove House Publishing businesses. The publishing unit Ten Alps Media also added a GBP2.6 million loss in discontinued operations as it was placed in voluntary liquidation after the period end.
Ten Alps noted that a restructuring of its debt obligations and an equity placing, due to complete this month, have led to new funds raised of approximately GBP1.2 million.
"The year has been a disappointing and painful period for the group. However, whilst the financial losses were significant, the actions taken mark a transition for the business. The group is now simplified, with its main focus going forward on TV production and the digital communications business. The foundations for profitability have been laid and we expect the current financial year to be profitable," said Peter Bertram, chairman.
Shares in Ten Alps were untraded at 0.65 pence early on Monday.
By Adam Clark; adamclark@alliancenews.com
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