Sport Media Group Posts 1st Half Loss Of GBP306,000 Vs Loss Of GBP5.8 Million
September 30 2010 - 3:28AM
Dow Jones News
Sport Media Group PLC (SPMG.LN), the integrated multi-media
group that publishes the Sunday and Daily Sport newspapers and
provides digital content for internet and mobile channels, said
Thursday it made a pretax loss of GBP306,000 for the first half of
the year, compared with a loss of GBP5.8 million in the year ago
period, and added that directors expect the group to continue to be
cash generative in the second half of the year, EBITDA and pretax
profit are likely to be below current market expectations.
MAIN FACTS:
-Revenue for six months ended June 30 GBP9.6 million (2009:
GBP11.2 million)
-Underlying pretax profit GBP330,000 (2009: loss GBP612,000)
-Basic loss per share 0.31 pence (2009: loss 4.77 pence)
-Adjusted EPS 0.16 pence (2009: loss 0.89 pence)
-Cash and cash equivalents GBP284,000 (2009: GBP216,000)
-To date, the second half of the year has continued to see a
solid performance from the newspaper, with some circulation gains
although there is continued pressure on advertising revenues.
-Digital division is optimistic that recent initiatives will
produce improvements in its core trading subsidiary over the
remainder of the year.
-Further to recent discussions, the group's bankers, Royal Bank
of Scotland PLC (RBS.LN), have agreed to a deferment of the monthly
loan repayment of GBP50,000 for a period of six months to provide
the necessary working capital headroom.
-Shares on Wednesday closed at 1.5 pence.
-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448,
tapan.panchal@dowjones.com
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