MEDIA services company Dawson Holdings has reported a pre-tax loss of £6.1m in the year to the end of September, which compares with a £3.5m profit the year before as the recession takes its toll.
Dawson said it had established a package of cost-cutting measures in an attempt to improve its finances. The bleak figures also showed that basic earnings per share were 2p – down from 3.8p in the previous year.
However, the company said that Dawson Media Direct and Books and Dawson Marketing Services were poised for an improved performance.
Dawson Media Direct sales fell to £25.7m from £26.2m in the previous year. The company noted that passenger numbers and advertising revenues was reduced during the year.
Dawson Books generated revenues of £45.8m – marginally down from £46m – in the year before. Revenues from Dawson Marketing Services dropped to £9.9m from £12.8m reported in the prior year.
Chief executive Hugh Cawley said: “We are pleased to have concluded new funding arrangements successfully, helping to provide additional certainty to clients across all of our remaining businesses.”
He added: “While we do not expect the economy to improve for some time in the areas in which we operate, we are confident that having survived the unusual challenges of the last twelve months, the group is in reasonable shape to take advantage of the economic recovery when it occurs. Our businesses are fundamentally sound and have solid bases upon which we have now started to rebuild.” According to the firm, funding arrangements have been finalized with GE Capital and Barclays Bank , which will help to provide additional certainty to clients across its remaining businesses.