Pre-tax profits at the media firm co-founded by Bob Geldof last year reduced sharply to £2.5m (€3.2m) as the business continued its restructuring.
New accounts just filed by Ten Alps plc show the group reduced its pre-tax profits by 68% from £8m to £2.55m in the 15 months to the end of last June.
This followed revenues increasing to £29.45m, from £27.64m in 12-month period to the end of March 2013.
According to Ten Alps chairman Peter Bertram: “This has been a transformative period for the group, but we now have largely completed a restructuring programme which positions the business for profitable growth.”
He added: “We are encouraged by a significantly improved new business pipeline and see good prospects for a better performance in the year ahead.”
The figures show that Mr Geldof received £94,000 (€120,000) in salaries and fees during the 15-month period.
According to the directors’ report, “the key focus of the group has been on completing a comprehensive restructuring of the business which now positions the group to return to sustainable growth and profitability”.
The directors state that the group “is now focused on growing revenues and building on an already encouraging order pipeline for the coming year ahead”.
The report goes on: “We are confident the group is now moving in the right direction. The extensive divisional consolidation programme, over the last few years, has been completed and the results are starting to show stability and future growth potential.”
The directors state that last year’s loss “was mainly attributable to one of the four units within publishing, which has since been restructured”.
The group recorded the loss last year after re-organisation and restructuring costs of €330,000 and impairment and amortisation costs of €350,000.
The group won 14 awards during the year including one for the the group’s ‘Plebgate’ firm, Police, Lies and Videotape.
Numbers employed by the group last year reduced from 294 to 197, with staff costs decreasing from £9.77m to £9.66m.
The group had a shareholders’ deficit of €1.39m, while cash last year reduced from £3.1m to 2.57m.
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