23rd Feb 2015 08:47
LONDON (Alliance News) - Media company Electric Word PLC Monday posted a narrowed pretax loss for its recently ended financial year, and said that trading in the current year is in line with its expectations.
Electric Word posted a pretax loss of GBP340,000 for the year to end-November 2014, compared to a pretax loss of GBP971,000 a year before, as revenue rose to GBP13.6 million from GBP13.2 million. Also, in the previous year it had posted impairment charges of GBP674,000, which didn't repeat.
The company's comparative figures have been restated to reclassify results from its Sports Performance, Incentive Plus and Radcliff Solutions businesses as a result of them being sold.
In its Sport and Gaming division, revenue was up 18% due to the expansion of its iGaming Business Affiliate conferences into new markets, the move of its London and Amsterdam events to larger venues, and a rise in digital subscription revenues.
In Education, revenue fell 9% due to losing customers from its legacy print products and lower book sales. The company has restructured the division, and is now investing in its online product portfolio.
In the Health division, revenue was down 10% due to lower sales of non-book products, and profitability was hampered by the company's investment in digital product development.
In the current year, Electric Word expects its costs to increase after it moves to new premises in its second quarter, and the company warned that the upcoming UK general election "inevitably carries some uncertainty for the education sector."
Shares in Electric Word are untraded Monday. It last closed at 3.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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