Vitesse Media slashes first half losses, looks optimistic

Cost reductions and an improved top line led to business publisher and events organiser Vitesse Media almost halving first half losses.The AIM-listed company, publisher of Growth Company Investor and What Investment among other titles, cut losses before tax 45% to £0.14m in the six months to July 31st on sales up 3.8% to slightly over £1m.Executive Chairman Sara Williams said the first half benefited from an impressive performance from the Events team with sales up 32% thanks to strong growth from the M&A Awards and the first annual Techinvest event, with two new contracts secured for the second half. Like-for-like sales for the small business editorial team also improved significantly, up 17% for the period as web traffic to smallbusiness.co.uk and growthbusiness.co.uk grew, with social referrals for both SME sites doubling. Re-launched websites information-age.com and whatinvestment.co.uk showed increased visitor numbers online and via mobile. Williams admitted that while the outlook for the second half remained challenging, several planned new products provided hope to the board that this would be a "more successful year".She noted that following a renegotiation of Vitesse's bank financing, which resulted in a reduction of the credit facilities available to the company, the directors have agreed to cover the company by providing small loans to if it becomes necessary.Shares in Vitesse Media were up 12.5% to 2.25p at 12:35 on Wednesday.