(Alliance News) - All Things Considered Group PLC on Thursday said it swung to a loss in the first six months of the year due to higher costs, but maintained a positive outlook for the remainder of the year.
The London-based music firm providing talent management, live booking and livestreaming said it swung to a pretax loss of GBP1.1 million in the first half of the year from a GBP53,212 profit a year prior, as administrative expenses grew 23% to GBP3.2 million.
Revenue fell by 19% to GBP3.4 million from GBP4.2 million the year before, but said its Artist Representation and Services divisions performed in line with its expectations.
Looking ahead, the company expects its recent acquisition of a 60% holding in the full-service merchandise company, Sandbag Ltd to improve its asset base, and noted "good visibility" on its medium term performance pipeline.
Chief Executive Officer Adam Driscoll said: "A significant achievement was the recent majority acquisition of merchandise partner, Sandbag, adding scale and complementary services to the group as we execute our strategy of broadening and deepening our engagement across artists' commercial interests.
"We enter the second half with good pipeline visibility, a strong financial position and the initial revenue and profit synergies from the Sandbag acquisition still to be realized. This leaves us in a strong position to take advantage of the near-term evolution of the music industry."
Shares in All Things Considered were untraded at 94.0 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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