News blog
Vitesse Media
- BY: Andrew Hore |
- POSTED: 21/07/2008 |
Acquisitions helped Vitesse Media prosper last year but trading is getting tougher.
The financial publishing and events organiser reported revenues 51% higher at £4.94m in the year to January 2008. That was boosted by the acquisition of What Investment, which contributed for nearly all of the year, and Information Age, which was acquired in the fourth quarter. Revenues still grew even if acquisitions are excluded.
The overall loss was reduced from £340,000 to £98,000. There were £250,000 of annualised savings made after the Information Age acquisition. This figure will be doubled this year as more dead wood is cut out.
Trading in February and March was good thanks to the Rosenblatt New Energy Awards and M&A Awards events. April was tougher. Vitesse will lose money in the first half but see the full benefits of its cost savings in the second half.
At 23.25p a share, Vitesse is valued at £5.7m.
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