After halving annual losses to £340,000, publishing, events and multimedia group Vitesse Media has made a £30,000 first-quarter profit.

AIM-quoted Vitesse, whose business and investment-oriented brands include Growth Company Investor and GrowthCompany.co.uk, reduced its loss from £617,300 to £340,000 in the year to February on turnover increased from £2.3 million to £3.3 million, of which acquisitions contributed £539,000. Unaudited figures for the first quarter of 2007/08 show a profit of £30,000, against an £80,000 loss on doubled turnover of £1.2 million.

Chairman and chief executive Sara Williams says the company has successfully integrated the recent acquisitions of the What Investment and M&A brands, which are both performing in line with expectations, while the company’s core businesses, in particular events and digital products, have made good progress. She says the current year has got off to ‘an excellent start’, though writing off a potential £50,000 bad debt could blunt second-quarter performance.

At 37.5p, up 2.5p today, Vitesse shares have more than doubled from their 2005 low of 15p and now value the company at £7.8 million.

Vitesse Media	AIM	£4.86m	19.00p	0.00p
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