LONDON (ShareCast) - Broadcaster and production company Cellcast said losses for the half year widened as it invested in additional distribution.
Loss before tax widened to £433,516 for the six months ended 30 June 2010 from £383,125 the year before. Revenue for the period increased to £9.1m from £8.6m before.
Commenting on the results chairman Julian Paul said, "While these investments resulted in short-term losses we are now seeing the benefits of this additional long-term distribution in our operating results. Management's belief in the business and calculated risk in increasing our TV distribution footprint should serve the company and our shareholders well in the future."
Cellcast said investment in new distribution capacity is starting to deliver promised revenue growth and the firm was profitable and cash generative during the second quarter.
Operating costs were reduced to £845,000 from £950,000 in 2009.
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