31st Dec 2020 08:51
(Alliance News) - Catalyst Media Group PLC on Thursday posted a widened loss for its most recently-ended financial year after recognising impairments on a write-down in Sports Information Services Holdings Ltd.
The UK-based company, which licenses or exploits rights to television and cinema content, reported a pretax loss of GBP1.1 million for the year to the end of June compared to GBP589,492 loss a year earlier, despite revenue remaining stable at GBP25,000.
The loss came after share of profit of equity-accounted associates net of tax, decreased to GBP125,294 from GBP3.8 million year-on-year. The company also took an impairment hit of GBP1.2 million on the write-down of its investment in Sports Information Services.
Catalyst Media Group explained that its main asset continues to be the 21% shareholding in Sports Information Services. As a result of Covid-19 uncertainties, Sports Information Services has deferred any dividend this financial year but will consider a dividend next financial year.
The company noted that it continues to be cash positive and operated at very low overhead levels.
Shares in Catalyst Media were untraded on Thursday morning in London, last quoted at 50.00 pence each.
By Ife Taiwo; [email protected]
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