30th Sep 2015 11:35
LONDON (Alliance News) - Event marketing and media agency Parallel Media Group PLC Wednesday reported a narrowed pretax loss for the first half of 2015 as a result of cost cutting, which offset a fall in revenue.
For the half year to end-June the company reported a pretax loss of GBP153,000, narrowed from a pretax loss of GBP443,000 a year before, mostly as a result of lower administrative expenses. It reported revenue of GBP107,000, down from GBP572,000 a year before.
The company attributed its fall in revenue to its refocusing on its music operation, and two gold events not being staged during the period.
"We are beginning to see real traction in our music business which after all the hard groundwork should really take off in 2016. Whilst the main focus of the company has shifted to music, we are still in discussion with various sponsors for the Championship to be staged in 2016. On a stand-alone basis, the music business is now profitable and will make a small contribution to PMG's overheads this year," said Chairman David Ciclitira in a statement.
Shares in Parallel Media were down 0.7% at 13.40 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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