BONH.L Regulatory News (BONH)

16 Dec 2005 07:00

Vitesse Media PLC16 December 2005 Share Price and Trading Update Given the fall in share price, the directors consider that it is appropriate togive an update on trading. As reported at the interim stage, the company was loss-making in the first sixmonths of the year. While the financial year is not yet completed, the directorsare expecting that the performance of the company will have improved in thesecond six months - still loss-making but close to break even in the lastquarter. These losses have arisen for the following reasons: the ending of alarge and very profitable contract with Lloyds TSB, heavy investment - bothmoney and manpower - in new and existing products to generate new and profitablestreams of revenue for the future, and the restructuring of the management andsales teams. In the directors' view, the current market capitalisation of the company failsto reflect the value of its brands and other intellectual property assets andthe future benefits accruing from the considerable investment made in thecurrent year. Vitesse Media continues to retain the full support of its major andinstitutional shareholders. The directors will seek to ensure that this message is better understood by themarket during 2006. This information is provided by RNS The company news service from the London Stock Exchange