LONDON (Alliance News) - Vitesse Media PLC said Friday that its outlook remains positive, and it is confident it will meet its business and financial objectives for its full year, as it reported a widened pretax loss for its first half.
The business to business media firm posted a pretax loss of GBP125,000 for the half year to end-July, widened from a pretax loss of GBP72,000 a year before, as revenue declined to 828,000 from GBP1.0 million.
Vitesse attributed the fall in revenue to the elimination of two one-off managed events as it opted to concentrate on its own higher margin business, and to hold its Techinvest Manchester event in September, rather than in July, which will put revenue into the second half.
"While there are inevitable challenges ahead, the board believes that the outlook for the company remains positive and it is confident that the company will meet its business and financial objectives for the year," the company said in a statement.
Shares in Vitesse were untraded Friday morning. It last closed at 1.61 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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