Half-year losses were reduced sharply at digital media group Milestone Group (LON:MSG) as the company’s project initiatives start to come to fruition.
Chief executive Deborah White described the six months to the end of March as “a period of positive consolidation” that marked the end of significant development phase for the business.
Having got all of its ducks in a row, the name of the game for the company now is growth across its range of product lines, as the company looks to benefit from the relationships it has been busy building with a number of major advertising agencies.
Among the high profile projects the group has been associated with are Nike’s England shirt launch, Accenture’s involvement as technology partner of the Six Nations rugby tournament, and the 'Peace by Piece' animal welfare campaign.
Losses for the sixth month period narrowed to £173,348 from £487,589 the year before on revenue that fell to £44,420 from £111,941.
The company said revenues would have been higher, but for changes to the National Curriculum that caused some delays in the group’s Passion Project, which is targeted at young people.
Since the period end, the company has announced the next phase of the Passion Project, which involves a series of events targeted to engage more than 250,000 young people over the coming 18 months and features several high profile events, including the Great British Carnival at the anniversary of the opening of the Olympic park in July, Parliament week at Portcullis House in November and the BE United Urban Quest (a 32 borough music and dance competition) with the finals at Wembley in the summer 2015.
"It is with great pleasure that the board is now seeing the realisation of many of the group's product lines. I look forward to rolling these out over the next 18 months. The partners we are now working with are top class and we are confident from the feedback received from them that our products have great potential,” White said.
Shares in Milestone were up 6.7% in lunchtime trading after the results were released.