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Vitesse Media

  • BY: Andrew Hore |
  • POSTED: 16/09/2009 |

Vitesse Media managed to cut its interim loss even though there was a significant fall in revenues.

The financial publisher and events organiser reported a fall in revenues from £2.66m to £1.86m in the six months to July 2009 but admin expenses were reduced by a bigger percentage. The loss declined from £271,000 to £90,000

Cutting out some stand alone titles and getting rid of highly paid freelancers has helped to reduce the cost base. Further cost savings will show through in the second half.

There was a small cash outflow from operations. Net debt was £319,000 at the end of July 2009. That was helped by the sale of Smallbusiness.co.uk to its chief executive’s family interests for £170,000.

Online revenues held up well but print publishing and events were sharply down. Online advertising exceeded print advertising revenues for the first time. Online traffic to the company’s websites is rising and the Growth Company website has been re-launched.

Subscriptions to print publications held up. There are even signs of improved advertising activity for technology publication Information Age and Business XL.

At 13.5p a share, Vitesse is valued at £3.46m.

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