Catalyst Media Group posts annual loss after impairment charge

12th Dec 2013 14:26

Catalyst Media Group reported an annual loss, reflecting an impairment charge relating to a review of its Satellite Information Services (SIS) business.The company posted a loss before tax of £3.7m in the year to June 30th, compared to a profit of £4.3m a year earlier.The group paid a £8.4m impairment charge of the value its 20.54% share in SIS as a result of its review of the business following the loss of an outside broadcasting contract with the BBC.SIS revenues rose to £261m from £240m and pre-tax profits climbed to £27.8m from £25.3m.Net cash at the end of the period came to £0.62m, up from £0.58m at December 9th.Net assets after the impairment review at June 30th was £28.6m, down from £36.1m last year. Shares fell 7.93% to 75.50p at 14:59 on Thursday.RD