Macclesfield-based Ten Alps saw revenues fall by nearly 13% in the first half of its financial year – but the media group has significantly cut its losses.
Revenues at the publicly-listed group, which owns indies including Blakeway North in Manchester, fell by 12.7% to £12.4m in the six months to the end of March 2014.
But losses amounted to just £1.1m, down 81% on the £6.1m loss recorded over the same period last year.
A group statement from chairman Peter Bertram said: “Although we are still not profitable, the management believe we are on the right track. Our ability to do so has been strengthened by the actions taken in the last few years.”
Adjusted EBITDA stood at a loss of £0.64m, down from £1.98m last year.