Mean Fiddler Music Group plc, the London-listed company chaired by Irish promoter Mr Vince Power, announced yesterday that it lost £4.4 million (€6.32 million) before amortisation and exceptional items, compared with £1 million in 2001. Barry O'Halloran reports.
Turnover for the year was £39 million and losses on ordinary activities before tax were £8.3 million. Diluted losses per share slipped from 13.56p in 2001 to 12.76p last year.
The company also revealed that it had sold its loss-making bar and restaurant businesses for £2 million in cash to UK company Lynnet Leisure Group Ltd.
It has agreed to sell its AM radio station for £1.5 million in cash to London-based Sunrise Radio. The company said that £500,000 had been deferred to the first quarter of next year. The deal is subject to any formalities required by the Radio Authority.
The bar and restaurant business had a net book value at the end of last year of £2.35 million, and made a net loss of £179,000.
Mr Power said the firm planned to focus on its core divisions - festivals, international touring and live music venues.
It is still involved in a consortium and bidding for the West Midlands FM licence in the UK, and plans a record label to exploit brands like the Reading Festival and Jazz Cafe.
It opened its latest live venue in the Welsh capital, Cardiff, during the first quarter.
