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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
