LONDON (ShareCast) - Outdoor media contractor Vision Media lost more than half its value Tuesday after reporting a big full-year loss and talking of "extreme financial hardship".
Losses from continuing operations stuck at £4.6m in 2008,
but the loss after tax grew to £6.2m from £5m in 2007.
"The global credit crisis and the worsening UK financial conditions made it impossible for our company to raise essential capital in the financial markets and this in turn led to a stagnation of our plans for the continued roll out of our shopping mall programme," explained the firm.
It had hoped to take the business into operating profitability by the year end, but suffered a net loss of £7.2m and drop in revenue to £1.4m from £1.6m a year earlier.
"I believe our turnaround plans have been set back by approximately one year," admitted executive chairman Mike Cottman.
Bosses say they continue to find and negotiate with potential sources of new finance, both debt and equity.
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