The Board of Vitesse Media Plc (AIM: VIS), the media, events and research company, today announces its interim results for the six months ending 31 July 2011.
Highlights
- Pre-tax profit* of £5k (H1 2010/11: £39k) in line with management expectations, the sixth successive accounting period in which the business has remained profitable
- Gross margin improved 50 basis points to 70.5%, as costs are reduced through transition from print to digital delivery
- Balance sheet strengthened again compared to the year end
- Digital now accounts for 41.5% of turnover (H1 2010/11: 39.1%)
- Two new Apps launched – Information Age and Business XL, with three further launches planned for H2
- Two new websites expected to be launched in the second half, Vitesse Media Events (www.vitessemediaevents.co.uk) and Vitesse Media Research (www.vitessemediaresearch.co.uk)
- 6.7% increase in unique users of our web sites in 2011 (Jan – Sept) compared with the same period last year
- Database investment expected to conclude in the second half, supporting transition from print to digital
- Strong performance from events business
- Opportunities for extension of research product identified
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*pre-share-option expense
Commenting on the results, Vitesse Media’s Chairman, Sara Williams, said: “I am delighted to report that the company has maintained its unbroken trend of six successive half years of profitability. In the half year reported, this has been achieved against a background of accelerated investment in the delivery of our business plan, which has seen increased investment in our common digital media platform, events portfolio and our research activities.”
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