News

Works Media posts best results since '04

28 March 2008 09:43:00

The Works Media Group gained half its value again today after the independent UK film distributor narrowed full year losses and said the outlook going forward is positive.

The AIM tiddler reported a loss of £139,000 for the 12 months ended 31 December 2007, down from £598,000 in 2006, thanks to rising gross margin and steady costs.

Revenue jumped 98% to £3.31m, due mainly to a 308% surge in turnover at the UK Distribution business to £2.29m and the increase in revenue from Video on Demand (VOD).

"Although there is still work to be done at our sales agency, The Works International, I am optimistic about the general outlook for this business," said non-executive chairman Costa Theo. "The future is positive".

There is also "cautious optimism" that fundraising for The Works International business, begun in 2007, should bear fruit in 2008.

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