Vitesse Media publishes warning after posting strong results

(ShareCast News) - Shares in Vitesse Media fell on Monday due to a slow start to the year despite posting good full-year results for the year ended 31 January 2015.The group said its comparatives during the first four months of the year were hurt by certain events happening at a different time of year.On the upside, full-year revenues rose 7% to £2.26m and losses before tax were cut by 84% to £28,000 thanks to good performance in its technology and particularly events divisions.Vitesse added it has been focusing on digital delivery, events and new products while managing and controlling costs. As a result, the company reduced its direct costs by 9%.Chairman Chris Ingram said: "In the chairman's report last year, my predecessor highlighted the confidence the group had that, despite challenging market conditions, it would move towards delivery of its full revenue and profit potential."I am pleased to announce that the group has indeed made significant progress during the year."However, due to the worrying outlook, shares fell 8.7% to 2.51p.