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 2013.
- Like-for-like sales increased by 3.8% for the period to £1.002 million (H1 2012/13 £0.966k)
- Significant reduction in pre-tax loss for the period, down by 45% to £137k (H1 2012/13 loss £250k).
- Loss before depreciation, amortisation and share options charge halved to £97k (H1 2012/13 loss £196k)
Revenue from events up 32% and like-for-like revenue for the SME business increased by 17%
Comment on the results for the six months to 31 July 2013
I am delighted to report an improving set of results for the interim period. . Like-for-like sales increased by 3.8% to £1.002 million from £0.966mThe Company enjoyed an increase in turnover to just over £1m, while significantly reducing the. The loss before depreciation, amortisation and share options expense was significantly reduced to £97k (2012from £196k) for the same period last year.
The events team delivered an impressive performance with overall sales up 32%. The principal event for this period was the M & A Awards, which showed strong growth. We also launched a brand new event in June, Techinvest, which has already gained a strong foothold in the technology venture space and will become an annual feature.
Like-for-like sales for the SME team also improved significantly, up 17% for the period, and the team worked with blue chips such as Microsoft, Fedex, Sage and Lloyds on specialist projects to deliver a pleasing result. Traffic for the web sites grew, with social referrals for both SME sites doubling.
The technology web site Information-Age.com has shown a marked and consistent increase in online and mobile traffic since its re-launch earlier this year.
Our investment products, What Investment and Growth Company Investor, increased subscriber numbers during the period and the re-launched What Investment web site delivered an outstanding improvement in visits, page views and user retention. The team worked hard to increase revenues from brand extensions, such as research and events.
Following a renegotiation of our bank financing, which resulted in a reduction of the credit facilities available to the Company, the Directors have agreed, if necessary, to provide a small loan to cover the reduction in the facility.
Outlook for the second half to 31 January and beyond
All teams are either working on the launch of new products or have secured new contracts in the period under review.
The events team has secured two [three]two new contracts to deliver in the first half of the 2014 financial year. The technology team is scheduled to launch the Information Age Knowledge Bank in the autumn, a new data service for companies. The investment team will launch a subscription investment newsletter in October/November, as well as increasing our marketing effort to build subscriptions for current titleswith a well-known editor on board.
Finally, the SME team has developed a new subscription product under the SmallBusiness.co.uk branding which will be launched at the end of September. This will be the first fully responsive online community in Vitesse Media’s portfolio, and forms part of our key development strategy.
With the improvement in the UK economy and our continuing focus on operational efficiency, plus the launch of new products, the Board looks forward to a successful year.Recognising that the economic outlook for the second half remains challenging, the management continues to monitor costs, cash and investment very carefully. However, with the raft of new products planned, the Board continues to look forward to a more successful year.