Electric Word interim losses widen, revenue flat

23rd Aug 2016 10:08

(ShareCast News) - AIM-listed specialist information business Electric Word reported a widening of its losses in the first half as revenue remained flat.In its interim results to the end of May, the company said revenue was flat at £3.2bn while adjusted losses before tax came in at £986m from £916 in the first six months of 2015.The company said that following the disposal of iGaming Business in January, it is mindful that the group's cash balances could exceed its expected financing requirements for the foreseeable future. "We are also conscious that the group's continuing businesses are in aggregate loss making. This is primarily because following the recent business disposals, the Sports and Education businesses are not currently of sufficient size to support the existing level of group overheads and central costs."Electric Word said current trading was in line with the board's expectations. As it enters the fourth quarter - which is an important contributor to the group's overall performance - the company is expecting continued strong performance from its sport division.In the education division, it is encouraged by sales of its premium subscription products although this will be offset by further reductions in Knowledge Centre.Meanwhile, advance bookings for fourth-quarter education conferences are currently ahead of 2015 and Speechmark performance is anticipated to remain steady.Shares were untraded on Tuesday.