News

Musical sends IP Live into losses

28 December 2006 15:04:00

Entertainment group IP Live swung into pre-tax losses for the half year after it incurred the final costs from the closure of its unsuccessful Movin' Out production.

The results contained the remaining capital write off and operational losses relating to the closure of the musical stage show, which ended in May 2006.

The group said to continue the production, which was based on the songs of Billy Joel, would have exposed the company to further financial risk without guarantees.

As a result, it posted pre-tax losses for the six months to September of £333,000 compared with the profits of £82,000 last time. Turnover rose to £1.47m compared with £518,000 in the same period last year.

"The company has been stabilized after a very difficult and disappointing period relating to the production of Movin' Out," said the group. "The board is satisfied that there are no further losses or liabilities relating to Movin' Out and has minimised overheads to help support a recovery. "

The group added it has approximately £1m cash at bank which is available to invest in future opportunities and the company is free of debt.

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