The Company has traded well during the year to January 31st 2015, with revenues ahead by 7% in the period to £2.26m. The operating loss is expected to be substantially reduced to close to break-even.
The full-year results are expected to show a significant improvement over prior years, and changes have been made recently which will enable the Group to develop and respond more effectively to market conditions. However, the Company is hampered to some extent by its size and the number and scale of opportunities it can exploit at any one time.
The Events Division continues to build its brands and revenues well – and last year was no exception. In the Media Division, in common with most legacy companies, Vitesse has worked hard to adjust to the flexible, fast-paced, low-cost digital world, where moving from ‘editorial’ to ‘content production’ and from print circulations to dynamic databases is crucial to success. Results across this sector of the business have proved mixed, but changes have been made recently and these will enable this Division to develop more dynamically.
The Company will maintain its strategy which has delivered the relative improvement in performance over the past three years. However, it is reassessing its previously announced crowdfunding initiative which has suffered delays at a time when the marketplace has become increasingly competitive and expensive to enter. Meanwhile, the Board will continue to seek and evaluate value-enhancing opportunities for shareholders.
Vitesse Media will report its full-year results for the year ended 31st January 2015 in late July.
Vitesse Media Plc – 020-7250 7010
Chief Executive: Niki Baker
Non-Executive Chairman: Chris Ingram
Westhouse Securities Ltd – 020-7601 6100
Kreab Gavin Anderson – 020-7074 1800