28th Sep 2016 10:43
LONDON (Alliance News) - Parallel Media Group PLC on Wednesday reported a swing to a pretax profit for the first half of the year, and said it is continuing to make progress with efforts to improve its balance sheet.
The event marketing and media agency reported a pretax profit of GBP57,000 for the first half of 2016, compared to a pretax loss of GBP153,000 in the same period the previous year, as revenue rose to GBP267,000 from GBP107,000.
During the half year the company secured sponsorship and media deals for the Classic Rock Awards, due to be staged in Tokyo in November.
Meanwhile, Parallel said it has reduced its net liabilities by GBP836,000 over the past year. In the meantime, Chairman David Ciclitira has supported working capital requirements of the business. The balance due to Ciclitira at the end of the half year was GBP1.2 million.
Parallel continues to look for acquisitions in the live event and entertainment sector, it said, and expects to make an announcement before the end of the year.
"We are continuing the process of improving the group's balance sheet and developing its event and entertainment business. I would like to make a special mention of the group's board and staff worldwide for their considerable efforts and I would, at the same time, like to thank all our stakeholders for their support," said Ciclitira in a statement.
Shares in Parallel were down 19% at 13.00 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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