Mean Fiddler Music Group, the London-listed company chaired by Irish promoter, Mr Vince Power, shaved almost £1 million sterling (€1.44 million) off its losses for the first half of the year.
The company yesterday revealed that its pre-tax losses for the six months to June 30th 2003 were £3.29 million, compared with £4.15 million during the same period in 2002.
Losses per share fell from 6.88 pence to 5.12 pence.
A large proportion of the losses were attributed to the businesses which the group sold during the six-month period.
The accounts show that discontinued operations contributed £2.2 million (€3.16 million) to losses before interest, while losses on continuing operations before amortisation and exceptional items were £710,000.
In a statement yesterday, Mr Power said that the sale of non-core businesses like its loss-making bar and restaurant division and its AM Radio station, had realised £4.8 million (€6.9 million) for the company.
The deals helped to improve Mean Fiddler's cash position. It had £4.8 million in cash at the end of the first half, in contrast to its situation at the end of June 2002, when it was £2.3 million in the red.
Mr Power said the group had completed its restructuring programme, and was focused on three divisions, festivals, international touring and live music venues.
He said all three were profitable and "progressing well".
Sales in the first half were £14.6 million, compared with £13.4 million in 2002.
The company received a one-off payment of £1.65 million from Islington Council. This was compensation from a court action which the Mean Fiddler took against the council after it compulsorily purchased one of its properties for £60,000.
The company also fully repaid a £2.1 million loan from Interbrew (formerly Bass Brewery), and said that this would considerably boost margins from drinks sales at its venues.
Mean Fiddler yesterday predicted that the second half would deliver positive earnings before interest, tax, depreciation and amortisation.
"The second half of the financial year is always our stronger trading period and I look forward to a successful outcome for the full year," Mr Power said.
