LONDON (Alliance News) - Vitesse Media PLC on Monday said it has seen some revenue-generating events delayed in the first four months of its current financial year, sending its shares lower in early trade, even as it said it narrowed its pretax loss and increased its revenue in its 2015 financial year.
The company said its pretax loss for the year to the end of January was GBP28,056, narrowed from a GBP177,508 loss a year earlier, as revenue rose to GBP2.3 million from GBP2.1 million and administrative expenses fell to GBP1.5 million from GBP1.7 million.
The group said revenue in its technology and events divisions both increased over the year, with the latter boosted by new events secured over the year.
But despite the better performance for the 2015 financial year, the group said its year-on-year comparatives for the first four months of the year have taken a hit from the timing of some of its events. It didn't elaborate.
Vitesse shares were down 8.7% to 2.51 pence on Monday morning, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.