30th Jun 2016 09:47
LONDON (Alliance News) - Digital media and events company Vitesse Media PLC on Thursday reported a wider pretax loss for its financial year to the end of January, hit by its move away from lower-margin contract events work to focus on its own events.
Vitesse made a pretax loss of GBP204,046 in the year to January 31, much wider than the GBP28,056 loss made the year earlier.
Revenue declined to GBP2.1 million from GBP2.3 million as Vitesse transition away from managing events on a contract basis, a lower-margin revenue stream, to handling events it owns.
Vitesse said it was now on a "more stable footing" following its restructuring in recent years and said there remains scope to make further cost cuts in the business.
It said growing volumes will now be key, with a push to increase attendances at its existing events and create new ones to boost its portfolio, plus further opportunities to boost productivity within the business, particularly by unifying its IT system under an ongoing internal project.
Vitesse shares were up 9.1% to 3.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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