30th Jun 2014 13:04
LONDON (Alliance News) - Ten Alps PLC Monday said it narrowed its losses in the first half, as it began to see the fruits of an extensive restructuring that it completed in 2013.
The producer of television and radio content posted a pretax loss of GBP1.1 million for the six months ended March 31, compared with a GBP6.3 million loss a year earlier. Revenue, however, dipped to GBP12.4 million from GBP14.2 million a year earlier.
Gross margin rose to 31.8% from 24.54%, with operating expenses representing 36.99% of revenues compared with 38.4% a year earlier.
At the end of 2013 AIM-listed Ten Alps completed a three-year restructuring. As part of this, the company streamlined its business into two divisions: broadcasting and integrated marketing services. The company took a charge for reorganisation and restructuring of just GBP40,000 in the recent half, compared to a GBP390,000 charge a year earlier.
It also said it has continued to rationalise its fixed overheads and further reduced this cost across its publishing division with the integration of two business units in London during the period.
Looking ahead the company said its focus will continue to be returning to profitability, with particular emphasis on "quality and delivery of product and services within the group's divisions".
Ten Alps shares were quoted down 9.0% at 0.7507 pence Monday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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