15th Aug 2014 07:00
LONDON (Alliance News) - 7digital Group PLC Friday said UBC Media Group PLC made a pretax loss in the year to March 31, prior to its reverse takeover of 7digital Inc to create the new company.
UBC Media, a television and radio services firm, posted a full-year pretax loss of GBP1.8 million against GBP937,000 the year before, with revenue falling to GBP2.9 million from GBP3.8 million the year before.
UBC's revenues in the full year were hit by British Sky Broadcasting Group PLC's decision not to repeat coverage of the Cambridge Folk Festival and said its margins were put under pressure by the British Broadcasting Corp's squeeze on spending.
UBC Media completed the reverse takeover of 7digital, a digital music platform, in June in a GBP16.5 million deal. The combined company is due to publish its first set of results for the half-year to June 30 on September 30.
"As music is consumed across an increasing number of connected devices, 7digital is able to offer customers an independent and scalable platform that acts as the foundation for their digital music strategies," said 7digital Chief Executive Simon Cole.
"We are working hard to create a world leading digital music and radio platform and believe that the coming together of UBC Media and 7digital marks a major step towards fulfilling this ambition," Cole added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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