London-based sales agent Intandem Films has announced its six month results to December 31, 2010.
The company’s turnover more than doubled to £245,456, operating losses reduced to £194,126 and loss per share reduced to 0.18p.
In the six month period Intandem sold action-thriller The Veteran to Revolver, who are releasing the film on April 29 in the UK, while romance-drama Ecstasy, based on a book by Irvine Welsh, is now in post production.
In January 2011, the company raised £684,000 by the issue of 11,400,000 shares at 6p, a premium of 14.3% on the previous day’s closing price. The placing has allowed Intandem to eliminate some trade creditors and increased working capital.
Gary Smith, Intandem CEO, said: “The six months to December 31, 2010 has seen Intandem progress towards operational profitability, albeit at a slower rate than we would have liked. Having cleaned up the balance sheet by eliminating debt and with overheads under control, the emphasis is now on increasing the number of films the company represents and generating a much higher level of sales revenue and ultimately achieving and maintaining profitability.
Shares were up 5.66% this morning [March 29].