Vitesse Media profits from cuts

Publishing and events firm Vitesse Media turned into profit for the year after it slashed admin costs.Pre-tax profit came in at £36,000 against loss of £493,000 last year despite revenue falling to £3.6m from £4.9m before. Revenues were lower because of continuing difficulties in some print areas.Admin costs were slashed to £2.3m from £3.6m last year due to lower staff, property and magazine costs.The group said the improvement in profitability has continued and there is a significant turnaround for the first quarter of the financial year 2010/11. "The team anticipate that the turnaround in profitability for the business will continue, barring the economy lurching into a second leg of a recession. There has been a sustained improvement in the level of forward bookings and we are now looking with more certainty at the figures for the rest of the year," it added.