24 Apr 2018 07:00
24 April 2018
Vitesse Media plc
("Vitesse", "Company" or "Group")
Trading update
and
Directorate change
Vitesse Media plc (AIM: VIS), the AIM-quoted digital media and events business, announces the following pre-close trading update for the year ended 31 March 2018.
In its announcement of 9 January 2018, the Company stated that it expected to generate a small loss for the year ended 31 March 2018. However, as a result of a reduced level of higher margin media sales generated, particularly in the final quarter of the financial year, and the continued investment made to strengthen the Company's infrastructure, the Board now expects that the Company will report a loss before exceptionals for the year ended 31 March 2018 of approximately £380k (14 months ended 31 March 2017: loss before exceptionals of £11.7k). During the year ended 31 March 2018, the Company incurred exceptional costs of approximately £125k (14 months ended 31 March 2017: non-recurring costs of £176k), principally as a result of restructuring and certain professional fees and costs incurred in exploring potential acquisitions, some of which remain active, discussions are ongoing and the Company is in a period of exclusivity. All figures in this announcement remain subject to audit.
The Company has continued to invest further in improving its websites, all of which will be relaunched in the next six months, and to supplement its senior management team, including hiring a new head of media sales who joins on 24 April 2018. The Board continues to believe that the investments being made will enhance shareholder value by delivering the platform required for Vitesse to maximise revenue opportunities from its brand portfolio and to deliver the growth, both organic and by acquisition, that it expects to generate in the years ahead.
The Company also announces that Edward Riddell, the Group Finance Director, has indicated given the changing nature and scale of the business his intention to resign as a director of the Company to pursue other business interests following publication of the Company's audited financial statements for the year ended 31 March 2018. The Board has commenced the process to recruit a replacement and will provide an update in due course.
Simon Stilwell, Chief Executive of Vitesse, commented:
"The Company continues to make substantial operational progress as we put in place the managerial and technical platform to enable us to significantly scale the business. We are in good shape to execute on our ambitious growth plans; developing new revenue streams and building the business both organically and through acquisition."
For further enquiries please contact:
Vitesse Media plc | +44 (0)20 7250 7035 |
Simon Stilwell, Chief Executive
| |
Stockdale Securities Limited | +44 (0)20 7601 6100 |
Tom Griffiths Ed Thomas | |
Belvedere Communications | +44 (0)20 3567 0510 |
John West |
About Vitesse Media plc
Vitesse Media plc is an AIM-quoted leading B2B media business specialising in events, digital activities, data and research across four key sectors: Technology, Investment, Diversity and SME. Vitesse's ambition is to create content that informs, communities that engage and brands that inspire in order to enable a better business environment for our sponsors and clients.
Vitesse's flagship titles include SmallBusiness.co.uk, Growth Company Investor, Information Age, GrowthBusiness.co.uk and What Investment. Vitesse Media is also responsible for a growing portfolio of high-profile events, including The Quoted Company Awards, Women in IT Awards, British Small Business Awards and Data 50 Awards, amongst others.
For more information visit www.vitessemedia.com