People have been holding their breath for a few days now waiting for Vision Media Group (Intl) PLC to post their preliminary results for year ended 31 December 2007 – which they did today.
This is all ‘water under the bridge’ stuff really as 2007 was the year that ScreenFX metamorphosised into VMG with the acquisition of Screen Media Networks Limited (aka Theme Park Media) and the new management team of Dominic Brookman and Tim Ritson that came along with that.
Bearing all that in mind, we think that one can pretty much ignore the red ink as their was much ‘legacy’ to have dealt with. We’d be looking for 2008 results a year from now being significantly better.
Anyway, key points from the 2007 results…
- Losses from continuing operations narrow to £4.6 million (2006: £6.1 million)
- Losses after tax narrow to £5.54 million (2006: £7.5 million)
- Revenue of £1.56 million (2006: £1.80 million)
- Commencement of restructuring and repositioning of the Group
Cleverly (good PR) in RNS Number : 8166X was the inclusion of several ‘Post Year End Highlights’ the most noticeable of which was the reminder that they “Successfully raised in excess of £3 million, before costs, of new capital and loans, with a further £1 million yet to be called down”
Let’s not forget that in the current market that’s a good sum to have raised.
We also liked the upbeat comments from Mike Cottman, Executive Chairman “After a year in which we changed shape and direction, a new business is now emerging that has a sustainable future and can successfully grow. Vision Media Group is now well positioned to begin to deliver shareholder value for its investors. We have a new strategy in place and a new executive management team to deliver it. We are now on a sound financial footing and can look forward to profitability.”
Let’s hope that there are no more (negative) surprises for investors – err like more share restructuring, Ed