25th Sep 2013 17:40
LONDON (Alliance News) - PeerTV PLC Wednesday said losses decreased for the first half, as sales picked up across the business.
The provider of technology solutions for the TV over the internet (OTT) market posted pretax losses of USD1.6 million for the period ended 30 June, compared with USD1.9 million a year earlier.
Revenue increased to USD1.3 million during the period, from USD1.2 million in 2012.
Operating losses declined 63% to USD475,000 compared to USD1.3 million a year earlier.
PeerTV said it supplied the first order for its Android set top box to a major traditional customer. The product was launched by the customer on a commercial basis in August and PeerTv now expects follow up orders after customer market testing.
The Digitek arm, which continues to be financed by an investor based revolving loan note facility, also performed strongly, with sales increasing significantly.
"The finance costs associated with the facility are high and we hope to be in a position to revert to bank credit facilities by mid 2014," the firm said.
By Anthony Tshibangu; [email protected];
Copyright 2013 Alliance News Limited. All Rights Reserved.
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