29th Jun 2015 08:50
LONDON (Alliance News) - Milestone Group PLC Monday posted a widened pretax loss for its first half, after a gain from disposals in the previous year was not repeated.
The digital media company posted a pretax loss of GBP618,826 for the half year to end-March, widened from a pretax loss of GBP173,348 a year before. Whilst revenue rose to GBP261,353 from GBP44,420, the previous year's results had been flattered by a GBP335,304 gain from disposals.
Milestone said its revenue for the half year exceeded its total revenue for the whole of the previous year. It said its Passion Project, its youth unemployment programme, is generating revenue through fee-paying corporate members and sponsorship packages, and also is generating revenue across the rest of the group through referrals.
The company has secured two sponsorship deals for The Passion Project, which was launched last December. The first, worth GBP130,000, was signed in January, and in March it secured a GBP50,000 a month, five-month sponsorship deal.
During the half year, the company raised GBP130,000 in a share issue, and following the year end a further GBP217,000, which it has used for working capital and to develop its business. Milestone said it is focused on continuing to grow revenues, but further fund raises are expected in the short term.
"The board is pleased with the continued development of each sector of the business, particularly the revenues being generated by the Passion Project following a long development phase. This unique opportunity offers exciting revenue streams as well as creating a platform for young people to improve their lives," the company said in a statement.
Shares in Milestone Group were untraded at 0.450 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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