Vitesse Media losses widen

Media, events and research company Vitesse Media said pre-tax losses widened in the first half of the year as revenues tumbled.

Media, events and research company Vitesse Media said pre-tax losses widened in the first half of the year as revenues tumbled.

Pre-tax losses widened to £250,000 in the six months July 31 2012 compared to a loss of £15,000 a year earlier. Revenue fell to £995,000 during the period from £1.51m before.

The group reported an operating loss of £246,000 compared to a previous loss of £18,000. Costs were reduced by nearly 20% against the same period in 2011.

Commenting on the results, Chairman, Sara Williams, said: "We have maintained progress in transforming Vitesse Media to meet the changing demands of the shifting media landscape."

"Investment is continuing in existing and new products, which will enable the business to grow its revenues in the coming years, despite an unhelpful trading background. It's also encouraging to note a more benign acquisition environment, which will allow us to restart the process of growing the business."

The group said results for the second half are seasonally stronger and it expects that this will remain the case for the current financial year.

However, it added: "this is tempered by our decision to invest in more marketing and sales activities to drive subscription and events income and to grow our revenues in 2013 from our revamped and restructured base."

Net cash increased to £239,000 from £19,000 the year before.

CJ

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
3 Feb 2023
After slumping 42% last year, what's next for Scottish Mortgage?
Investment trusts

After slumping 42% last year, what's next for Scottish Mortgage?

After a spectacular couple of decades, the Scottish Mortgage Investment Trust fell by 42% last year. We take a look at the trust's performance and dis…
3 Feb 2023