30th Jun 2015 09:03
LONDON (Alliance News) - Media and marketing company Reach4entertainment Enterprises PLC Tuesday said it has traded in line with its expectations in the first half of 2015, and it has made "excellent progress", including agreeing the terms for the restructuring and reduction of its borrowings.
The company agreed to restructured its GBP14.8 million loan facility earlier this month, and it said that once this refinancing is completed it will lift its cash constraints.
In a statement ahead of the company's annual general meeting the company said that it was "imperative to address the size of the group's borrowings as the level of debt was too great for a company of this size."
"It has been a difficult process but once the refinancing is completed, we will have a sound working structure, and we can once again look forward with confidence," said Executive Chairman David Stoller in the statement.
The company highlighted a positive theatre market in the US and US last year, with London's West End gross box office revenue up 6.5% in 2014 compared to 2013, and Broadway gross revenues up 14% in 2014 compared to 2013.
Reach4entertainment provides advertising and marketing services for the theatrical, film and live entertainment industries.
Shares in Reach4entertainment are trading up 1.3% at 2.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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