LONDON (Alliance News) - Vitesse Media PLC Wednesday posted narrowed pretax losses as revenues stayed flat in the half year ended July 31, and it expressed confidence for a more successful performance for the full year, ahead of new product launches.
The company posted a pretax loss of GBP137,000, narrowed from a pretax loss of GBP250,000 in the previous year. The company had revenues of GBP1.0 million, roughly flat from the previous year.
The company's events team achieved an increase in overall sales of 32%, due to the firm's M&A Awards. Sales for the SME team also improved up to 17%.
The print publishing and events company said that, following the renegotiation of its bank financing, it may require a small loan.
The economic outlook for the second half of the year remains challenging, Vitesse Media cautioned, and it will continue to monitor costs, cash and investment carefully. However it said that it continued to look forward to a more successful year as it prepares new products for launch.
The technology team is scheduled to launch the Information Age Knowledge Bank in autumn, the company said. The investment team are launching a subscription investment newsletter, the SME team are developing a new subscription product, and the events team have secured two new contracts to deliver in the first half of the 2014 financial year.
Shares in Vitesse were trading down 13% at 1.75 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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