Avesco Group Plc (LON:AVS), the company that supplies services to the corporate presentation, entertainment and broadcast markets, has reported a 59% reduction in its trading losses to £1.6m for the six months to March 31, 2010, with revenues up 15% to £54.8m. The new sent Avesco's shares up by 15.6% to 55.5p. The group said it had concentrated heavily on cash generation and underlying cost control with the result that net debt at the end of the period reduced to £17.5m from £25.9m in the same period last year.
CEO Ian Martin, says: "It is encouraging to report that 2010 is developing far more positively after an exceptionally difficult 2009. As the year has progressed our clients' outlook has become more upbeat and the Group's order book for the summer period is much stronger. We are seeing significant business from the 2010 FIFA World Cup in South Africa and the World Expo in Shanghai and there has been a marked upturn in the North American market. The Board anticipates a profitable outcome for the financial year taken as a whole with continuing strong cash generation."
Avesco Group provides specialist audio visual equipment and services to the live events, broadcast and entertainment industries. Its companies, which include Action International, Creative Technology, Fountain Studios, JVR, MCL and Presteigne Charter, provide technical support for conferences, sports, music, corporate events and television programmes. The company also supplies broadcast equipment, systems, services and television studio facilities.
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