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Vitesse Media
- BY: Andrew Hore |
- POSTED: 07/06/2011 |
Financial publisher and events organiser Vitesse Media trebled its profit before share-based payments in the year to January 2011 and is set to improve its profit again this year.
Revenues fell from £3.64m to £3.13m but reduced costs due tothe migration from print to digital meant that underlying profit improved from £49,000 to £151,000.
Net debt was £257,000 at the end of January 2011.
Both the business and investment divisions improved their gross margins. The business division contributed 65% of revenues with growth in the contribution from the small business-focused web sites. There was a downward trend in print advertising. Vitesse is hopeful that print advertising will improve later in the year.
What Investment advertising revenues have stablilised but there was a fall in the attendance of events, which are also part of the investment division.
Westhouse has replaced Seymour Pierce as nominated adviser and broker to Vitesse.
At 8.5p a share, Vitesse is valued at £2.6m.
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