The Board of Vitesse Media Plc (AIM:  VIS), the media, events and research company, today announces its unaudited interim results for the six months ending 31 July 2012.

  • Management team strengthened by appointment of experienced Executive Deputy Chairman, David Smith, with track record of driving quality of earnings and acquisitions
  • David Smith subscribed for 7,368,421 new ordinary shares at a price of 4.75p, representing 19.4% of the enlarged issued share capital of the Company
  • Niki Baker succeeds Leslie Copeland as Chief Executive
  • Business now structured into four revenue streams: Technology, SME Business, High Net Worth Investment and Events, with approximately 15% of revenue now coming from print advertising
  • Investment during the period in marketing subscription products, new product development in events, enhancement to major web sites and development of social media data
  • Strategy remains to increase revenues from subscription, events, data, business development and research income and further reduce the proportion from advertising
  • Technology venture capital event in September at 10-year high – an encouraging trend for 2013

Commenting on the results, Vitesse Media’s Chairman, Sara Williams, said:

“We have maintained progress in transforming Vitesse Media to meet the changing demands of the shifting media landscape. Investment is continuing in existing and new products, which will enable the business to grow its revenues in the coming years, despite an unhelpful trading background.  It’s also encouraging to note a more benign acquisition environment, which will allow us to restart the process of growing the business.”

Download: Interim results for 31 July 2012

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