The television production firm Ten Alps PLC (LON:TAL) said it is “confident” of returning to profitability this year as it reported a strong rise in revenues in the first half and restated its aim of moving into higher value series and formats.
The maker of 'Penelope Keith’s Hidden Villages' and 'Put Your Money Where Your Mouth Is' saw its top line increase to just under £12.1mln in the six months to December 31, up from £10.2mln a year earlier.
As expected the firm, which bought Reef Television for up to £4.5mln last summer, was modestly loss-making. The operating loss was £280,000, down from £730,000 a year earlier.
Going forward the plan is to bring in more profitable, recurring commissions for the TV business, expand the corporate comms business and complete the turnaround of the publishing arm.
The addition of Reef to the fold last summer moved the company into long-running higher-margin TV, counter-balancing the lumpy one-off documentary work it receives.
A change of name to Zinc Media, announced at the end of February, is also part of the overhaul.
Chief executive Mark Wood was guardedly optimistic on the outlook for the business.
"We are delivering on our strategy of focusing the TV business on higher-value series and formats and developing a stronger communications and corporate story-telling business,” he said.
“We see encouraging signs of a growing pipeline stretching into the next year and remain confident that the group is making good progress towards its objective of returning to profitability in the current financial year."