Vitesse Media Plc, the AIM-quoted media business, has issued a trading update ahead of the announcement of its full year audited results to 31 January 2013.
The announcement is as follows:
The Company’s performance in the second half of the year improved, with the trading loss in the second half reducing considerably, both against the first half of the financial year and the corresponding period of the previous financial year.
Turning points have been reached in some of our key product titles. GrowthBusiness.co.uk, which was re-launched early in 2012, delivered like-for-like revenue increases in the final quarter of 13 per cent., compared to the same period the previous year. WhatInvestment.co.uk, which was re-launched just before Christmas 2012, saw traffic increase 40 per cent. in January 2013 compared to January 2012, assisted by the improving stock market conditions. In the Events division, our technology venture capital event, Investor All Stars, saw attendances reach a ten-year high. This week we expect to complete the final stages of our investment programme, with the re-launch of the SmallBusiness.co.uk and Information-Age.com web sites.
During the last two years, our databases have been reconfigured into Sales Force, all four of our major web sites have been completely overhauled, all our titles have been digitised and there has been an investment in social media to extend our marketing capabilities. Niki Baker was appointed CEO in September 2012 and the business was reorganised into four teams: SME Business, Technology, Investment and Events. This has led to a greater focus on driving results.
Bookings for the first quarter of the financial year 2013/4 have stabilised and the plans to launch two new digital subscription products and two new events during the first half are at an advanced stage.
Despite the difficult trading conditions, the directors believe that the changes implemented over the past two years mean that the company is now fully positioned to develop as a growing digital, events and research business and view the outlook as encouraging.