UK Small Caps

LONDON (ShareCast) - Vitesse Media (LSE: VIS.L - news) , the publishing and events firm, saw losses increase in the year and warned that the environment has shown a further downturn in the first quarter.

Pre-tax losses rose to £494,000 against £98,000 loss year on revenue that rose 1% to £5m. Online revenues up 22.5%, event revenues down 2.5% and print revenues (advertising and subscriptions) fell 7%.

"The environment has shown a further downturn in the first quarter. However, we have started the year financially much fitter than twelve months earlier, having extensively restructured the business during the year and we have carried out further cost savings in the first quarter," said the group.

The group said it has made further cost savings in the year 2009/10, which should reduce overheads in total by £1.5m since February 2008.

It said trading remains difficult, with print advertising the most affected area. Online advertising is showing an increase on the same period last year. Events are more challenging with slower sales of tables.