StockMarketWire.com - reach4entertainment enterprises ('r4e'), the transatlantic media and entertainment company, has announced a 10% improvement in revenues for the year ended 31 December 2014 compared to the previous year.

The directors reported that they remain in discussions with the company's bank and third parties as to how best to restructure the current bank loan or replace it altogether.

Whilst there can be no guarantee that these discussions will be successful or that an agreement will be reached with the Company's bankers, the directors of r4e remain hopeful that a satisfactory resolution will be achieved.

As part of these discussions, a review of the value of the goodwill relating to the company's subsidiaries has been undertaken and as a result an impairment was required in the 2014 accounts resulting in an operating loss of £4.3m (2013: profit of 1.07m).

David Stoller, executive chairman, said, "The Group has performed well in 2014, with an increase in revenues and EBITDA, supported by a well-managed cost base.

"SpotCo in particular achieved record revenues in the first half of the year, although it should be noted that this was due to a number of significant one-off projects.

"Dewynters had a more challenging year due to a number of show closures in the West End, which was largely offset by a reduction in overheads.

"Looking ahead, the business remains well placed and we are continuing positive discussions with our main lender to create a future financial base which will support our ability to maintain and extend our position as market leaders in promoting theatre, film and live entertainment events."




At 9:25am: (LON:R4E) Reach4Enternainment Enterprises share price was -0.1p at 1.13p



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