StockMarketWire.com - Reach4Entertainment (r4e) swung to a full-year pretax profit of £0.16 million, from a loss of £2.95 million, and said it had made a positive start to the current financial year.

The transatlantic media and entertainment company's revenue was £69.3 million, from £78.2 million.

R4e said 2012 was a transitional year for Broadway theatre, with a number of major shows including Baby It's You, Billy Elliot, Catch Me If You Can, Memphis and Rain closing towards the end of 2011, followed by the likes of Ghost and Priscilla Queen of The Desert closing in 2012. Replacement shows were either launched with reduced marketing budgets or launches delayed until 2013.

"Group business has been streamlined and is now focussed primarily on the core theatrical marketing businesses which are prominently positioned in the market and have strong and productive relationships," said executive chairman David Stoller.

"We entered 2013 confident of making further progress and I am pleased to report that we have made a positive start. The change in client portfolio at Dewynters and SpotCo, with a significant increase in the number of new show openings both businesses are supporting when compared to the previous year, should lead to a marked increase in revenue from both businesses," Stoller said.

"In addition to harnessing the strengths of our core theatre marketing businesses, our efforts to leverage this core skill-set to exploit opportunities in associated market sectors are beginning to bear fruit," he said.

"In conclusion, the progress that has been achieved is encouraging but we believe the business is capable of much more. I am confident that we will be able to report further progress throughout 2013 and beyond."


At 8:22am: (LON:R4E) share price was +0.88p at 4.75p



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