The Innovation Group (TiG) has announced pre-tax losses of £24.1m for the 12 months ending 30 September 2003. This compares with a loss of £391.1m for the year ending 30 September 2002.
TiG said the pre-tax loss came after amortisation of £17.2m, exceptional costs of £5.2m, a write down of fixed asset investments of £5.9m, profit on disposal of operations of £1.6m and loss on disposal of fixed assets of £0.7m.
Total revenue for the year was £58.5 million, compared with £100.1m for 2002.
Other highlights for the year included a successful rights issue raising approximately £9m in March and a reduction in the company's cost base.
TiG said the company became cash flow positive in the fourth quarter of the year, with an operating inflow of £2.8m, after three quarters of reduced outflows.
TiG chief executive Hassan Sadiq said: " This has been a year of evolution for The Innovation Group." He added: "The outlook for next year is one of cautious optimism."
He said the company expected the market to remain challenging but was confident that it had the right foundation in place to move forward.
