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Vitesse Media in black after slashing costs

By BFN News | 08:47 AM | Thursday 10 June, 2010


Growth business publishing specialist Vitesse Media claimed a significant improvement in profitability for the year to end-January, despite a 27% fall in revenue. Profit before tax was £36.7k, against a previous loss of £0.49m. EBITDA profit was £0.19m, previously a £0.31m loss. Overheads were reduced by nearly 40% following further cost savings and headcount reductions. Following the year-end, the company carried out a £0.475m fundraising, reducing borrowings, improving working capital and providing funds for improvement in its database operations. Vitesse said its improvement in profitability had continued and there had been a significant turnaround for the first quarter of the current financial year despite further reductions in revenue. Story provided by StockMarketWire.com