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Profits growth at Vitesse Media
Online and print business publication and events group Vitesse Media (VIS) has more than doubled annual pre-tax profits to £79,937. With publications including the Growthcompany.co.uk, SmallBusiness and GrowthBusiness websites and Growth Company Investor, Business XL and What Investment magazines, the AIM-quoted company, which organises the Growth Company Awards and other events, pushed up profits and margins in the year to January despite a £322,112 fall in turnover to £3.3 million.
Vitesse lifted gross profit margins from 66.5 per cent to 71.8 per cent and achieved further reductions of around 6 per cent in already pared overheads. As expected, the company's print titles faced a tough trading environment in the 2010-11 financial year as advertising came under pressure, with the Information Age title particularly affected, though another title, What Investment, stabilised its advertising revenues over the year and some print competitors closed down.
By contrast, the SmallBusiness and GrowthBusiness websites showed an average increase in revenue of 14 per cent. During the year, Vitesse, steered by executive chairman Sara Williams and chief executive officer Leslie Copeland, began the process of switching from print to digital copies of all its titles, and suggests that by the end of 2011-12, 60 per cent of Business XL and Information Age will be delivered digitally.
The company says the current financial year started 'extremely well', though April was poor because of the number of bank holidays in the month. Looking ahead, directors expect 'further improvements in profitability', with cash flow funding more investments in the Vitesse database, digital offerings and research.
Vitesse Media shares, which have traded over the past year between 9.25p and 7p, now stand at 8.5p, up 0.5p this morning. That values the company at £2.6 million.
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