Avesco narrows losses after restructuring

15th Jan 2015 10:17

Solid performances across its divisions after last year's restructuring saw Avesco Group, a provider of services to the live events, broadcasting and entertainment markets, narrow its losses.Full year loss before tax was slashed to £430,000 from £9.88m last year, while operating profit swung to £0.9m from a £8.4m loss and trading profit rose from £0.5m to £6.3mThe company, which restructured its three divisions in 2014, said revenue grew 2% to £126.4m, while trading earnings before interest, tax, depreciation and amortisation rose to £25m from £18.9m and profit from discontinued operations was £1.2m compared to £45.7m a year ago.The group added the first quarter of the current financial year had continued the positive momentum from 2014."We expect to see further benefits flow from the cost savings generated by the group's restructuring programme, so that any 'odd year' dip in profitability is minimised," said group chairman Richard Murray."With the restructuring programme now completed and substantial forward momentum in the businesses, we are able to continue our focus on increasing profitability, generating cash and growing dividends."Avesco shares were up 0.94% to 118.10p at 10:36 on Thursday.