26th Feb 2016 09:37
LONDON (Alliance News) - Digital media company Milestone Group PLC on Friday said its pretax loss widened in 2015 due to higher costs and a lack of one-off benefits booked a year earlier, though revenue rose as the group starting ramping up operations.
Milestone said its pretax loss for the year to the end of September was GBP1.4 million, compared to a GBP1.1 million loss a year earlier when it booked a one-off gain from the disposal of assets.
Revenue slightly more than doubled to GBP318,035 from GBP157,377, but this, and a much lower cost of sales, was not enough to offset the lack of the disposal benefit and higher administrative costs.
The company said research and development work across its product ranges has now completed and marketing has now begun. It also formally launched its Passion Project youth unemployment programme during the year and established the Nexstar joint venture with Black Cactus, which culminated in the launch of music streaming service MusicRoo last week.
"This has been a year of consolidation, with the Passion Project now firmly established as our flagship product and our business model of creating shareholder value and social impact realised as a leading innovator in the commercial marketplace. This coming year will be pivotal for Milestone as we concentrate on revenue generation now that the research and development phase has been completed," said Chief Executive Deborah White, who is also currently interim chairman.
Milestone shares were untraded on Friday, having last traded at 0.351 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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