Visual entertainment and advertising services firm Prime Focus London reported a slump in half year profit and revenue as it battles against increased competition.
The group posted a pre-tax profit of £0.183m for the six months to September 30th 2012 compared to a profit of £1.795m a year earlier. Turnover slumped to £10.389m compared to £20.348m the same time a year earlier.
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Chief Executive Officer Bernard Kumeta commented: "The company that I joined in April of this year had lost its way in an increasingly demanding and competitive market place and a lack of a clear strategy had created a malaise within the business and disaffection amongst shareholders."
A re-structuring of the group was completed in October which has resulted in significant annual cost savings and placed the business on a much more sound financial footing, Kumeta added.
Net debt, including external debt and intra company debt, was reduced to £5.451m compared to £6.890m last year.
CJ
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