28th Aug 2015 08:25
LONDON (Alliance News) - Motive Television PLC Friday reported a slightly widened pretax loss for its first half as it continued to develop and invest in its new products, which offset a reduction in its administrative costs.
The broadcasting technology company posted a pretax loss of GBP1.8 million for the half year to end-June, widened from a pretax loss of GBP1.6 million a year before, as revenue rose slightly to GBP673,410 from GBP577,740, mostly as a result of higher financial costs.
During the period the company completed the development of its TabletTV US and TabletTV UK products, making applications for both iOS and Android operated mobile devices. It prepared for beta testing during the summer of personal video recording functionality and over-the-top channels for the product, ahead of the launch of new services in Autumn.
Additionally, it developed a new bring-your-own-device television service which was launched with two ferry companies operating in Greece on fourteen ships.
"The first half of 2015 saw the company making substantial progress in completing development and testing of new products, identifying distribution partners, and preparing them for widespread marketing in the autumn. At the same time, the company reduced its cost structure and is positioned to start to reap the benefits of its investment in technology and positioning in the industry over the past six years," said Chairman Michael Pilsworth in a statement.
Shares in Motive Television were down 14.6% at 0.235 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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