News

Vitesse Media enjoys stronger start

01 June 2006 08:14:00

Financial publisher Vitesse Media, owner of the Growth Company brand, produced heavier losses last year but said the new year has started on a stronger footing.

Vitesse said that higher overall revenues have resulted in a significant improvement to the operating results. "The first quarter has traditionally been a loss-making period but the loss compared to last year almost halved."

That is a real improvement on last year's result with the pre-tax loss coming in at £606,000 for the twelve months to March from £416,000 a year ago. Turnover was £2.35m from £2.28m.

Vitesse said it was a tough year as the company was forced to search for new business to recoup the loss of revenue caused by the withdrawal of three contracts from Lloyds TSB, totalling nearly £500,000.

Prospects for our online products for the rest of the financial year are strong, said Vitesse, adding that it has conducted a strategic review and is looking to push through expansion plans for its three big sites.

The group also announced the acquisition of Blue Chip Publishing, publisher of M&A Magazine, having paid a nominal initial consideration and an immediate settlement of about £165,000 of debt.

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