Vitesse Media PLC Trading Update (4277O)

TIDMVIS

RNS Number : 4277O

Vitesse Media PLC

28 May 2015

Vitesse Media plc

(the "Company")

Trading Update

The Company has traded well during the year to January 31st 2015, with revenues ahead by 7% in the period to GBP2.26m. The Operating loss is expected to be substantially reduced to close to breakeven.

The full year results are expected to show a significant improvement over prior years and changes have been made recently which will enable the Group to develop and respond more effectively to market conditions. However the Company is hampered to some extent by its size and the number and scale of opportunities it can exploit at any one time.

The Events Division continues to build its brands and revenues well - and last year was no exception. In the Media Division, in common with most legacy companies, Vitesse has worked hard to adjust to the flexible, fast-paced, low-cost digital world, where moving from 'editorial' to 'content production' and from print circulations to dynamic databases is crucial to success. Results across this sector of the business have proved mixed but changes have been made recently and these will enable this Division to develop more dynamically.

The Company will maintain its strategy which has delivered the relative improvement in performance over the past three years. However it is reassessing its previously announced crowd-funding initiative which has suffered delays at a time when the market-place has become increasingly competitive and expensive to enter. Meanwhile the Board will continue to seek and evaluate value-enhancing opportunities for shareholders.

Vitesse Media will report its full year results for the year ended 31st January 2015 in late July.

Enquiries:

 
 Vitesse Media Plc              020-7250 7010 
 Chief Executive: Niki Baker 
  Non-Executive Chairman: 
  Chris Ingram 
 
 Westhouse Securities Ltd       020-7601 6100 
 Martin Davison 
  David Coaten 
 
 Kreab Gavin Anderson           020-7074 1800 
 Robert Speed

This information is provided by RNS

The company news service from the London Stock Exchange

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