Ten Alps PLC Closure of Ten Alps Media Limited (1828H)
August 15 2016 - 6:30AM
UK Regulatory
TIDMTAL
RNS Number : 1828H
Ten Alps PLC
15 August 2016
15 August 2016
Ten Alps Plc
("Ten Alps", the "Company" or the "Group")
Closure of Ten Alps Media Limited ("Ten Alps Media")
Ten Alps, trading as Zinc Media, the TV and multimedia content
producer, today announces that its subsidiary has instructed
restructuring professionals to put Ten Alps Media Limited (formerly
Atalink Limited) into creditors voluntary liquidation.
Ten Alps Media primarily comprises the Group's London publishing
business, has been loss-making over a number of years and although
the Company has gone through a significant review process in an
attempt to turn the division around, as highlighted in the trading
update of 17 May 2016, it has continued to generate substantial
losses. In the year ended 30 June 2015 Ten Alps Media generated
revenue of GBP1.3m (15 month period ended 30 June 2014: GBP2.6m)
and a loss before tax of GBP332k (15 month period ended 30 June
2014: loss before tax of GBP680k).
The rest of the Group remains unaffected, including the other
publishing business, Ten Alps Communications Limited ("Ten Alps
Communications"), which is based in Macclesfield. The operations of
Ten Alps Communications have been restructured during the past
year, with the Group having exited many unprofitable titles and
contracts; it now primarily consists of the LABC publishing
business, which is operating profitably.
Following this exit, the Group is left with its TV and digital
divisions, coupled with a much smaller and self-contained
publishing unit, all of which are trading profitably.
For further information please contact:
Ten Alps Plc +44 (0) 20 7878 2311
Peter Bertram, Chairman
David Galan, CFO
www.zincmedia.com
N+1 Singer (NOMAD and Broker to Ten Alps) +44 (0) 20 7496 3000
Shaun Dobson / Lauren Kettle
This information is provided by RNS
The company news service from the London Stock Exchange
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