News Column

PeerTV Reduces Losses, Increases Revenue In 2013

June 27, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - PeerTV PLC Friday said it narrowed its losses in 2013 on the back of higher revenues and lower expenses and costs in the business.

The media technology company posted a pretax loss of USD4.1 million for 2013, compared with USD5.8 million in 2012, as revenues increased to USD3.0 million, from USD2.0 million the prior year.

In 2012, the company booked USD1.9 million in exceptional items but did not book any one-off costs in the financial year just ended. Losses were also reduced on the back of lower general and administrative costs, it said.

PeerTV said it continues to restructure and refinance its Digitek business, while focusing on completing the development of the Android-based Set Top Box.

The company said that initial products, which were delivered in 2013 and launched by the customer in early 2014, were well received by both the customer and its end users, and its expects to see increasing order levels as a result.

"The directors are encouraged by a strong inflow of orders and letters of intent which are expected to convert into firm orders for both the PeerTV and Digitek businesses later in 2014 and in 2015. The major order for a minimum value of USD6.3 million received by the Digitek business from an overseas customer in May 2014 is particularly encouraging," the company said in a statement Friday.

PeerTV shares were untraded Friday morning at 0.800 pence.

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Source: Alliance News

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