LONDON (ShareCast) - The market value of Ten Alps almost trebled on Thursday after the AIM-listed multimedia group entered into a funding agreement and reported a significant narrowing of losses.
The stock was up 189% at 0.65p by 16:07, trading back at levels not seen since early October after a recent sell-off.

Ten Alps, which is involved in broadcasting and publishing, has been undergoing a "comprehensive restructuring" to return it to sustainable growth, which has now been largely completed.

"We are encouraged by a significantly improved new business pipeline and see good prospects for a better performance in the year ahead," said chairman Peter Bertram.

The company, which has a market value of just under £2m after Thursday's jump, said that it had entered into an underwriting agreement with certain shareholders and directors to subscribe for shares worth £1m.

The move is intended "to strengthen the business and to give it greater flexibility to pursue growth opportunities as they arise".

The company also on Thursday reported results for the 15 months to 30 June after moving its year-end date from 31 March to reflect the "varying cyclical nature of the business units". The results are compared to the 12 months ended 31 March 2013.

The loss before tax narrowed to £2.56m from £8m previously, on revenues that grew to £29.45m from £27.64m.

The improvement in the bottom line was helped by a rise in the gross margin from 29.33% to 32%, due to the change in product mix and better cost control.

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