10th Sep 2013 08:29
LONDON (Alliance News) - Reach4Entertainment Enterprises PLC Tuesday said its half-year pretax losses narrowed significantly after its New York businesses performed well.
Reach4Entertainment, which is a promotion company for theatre, film and live entertainment, said its pretax loss narrowed to GBP77,000 for the six months to June 30, compared with GBP419,000 for the corresponding period the year prior.
Reach4Entertainment attributed the performance to one of its New York-based businesses, Dewynters, which saw an 18% increase in revenues to GBP16.2 million. However, its other New York business, SpotCo, saw a marginal drop in revenues to GBP16.9 million from GBP17.4 million for the corresponding period the year prior.
London-based business Newman Displays revenue was down, but the company said it expects it to grow in the second-half, thanks to the Christmas period.
The company said is also expects overall revenue in the second half to be greater than the GBP35.0 million earned in the first-half, itself up 2.3% on the same period last year.
"We have brought consistency to our trading performance and our focus on tight cost control has been maintained, as demonstrated by the significant reduction in our head-office costs," David Stoller, executive chairman, said in a statement. "We expect our trading performance to be weighted towards the second half of our financial year and, as such, are confident of achieving a performance in our operations that is in line with market expectations for 2013," Stoller added.
Administrative costs were cut to GBP8.7 million, compared with GBP9.2 million this time last year.
Reach4Entertainment shares were Tuesday quoted at 5.75 pence, down 0.12 pence, or 2.1%, reversing an earlier gain.
By Samuel Agini; [email protected]; @samuelagini
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