During the financial period of the first half of this year, 6pm Holdings reported a loss before tax of £343,292 (30 June 2010 - £209,729). The loss has been negatively impacted, the group’s board of directors said in a company announcement, by ‘rights issue costs’ amounting to £132,190.

Accordingly, the loss before tax excluding the said costs amounts to £211,102.

Following the rights issue, which was fully subscribed to on 29 April, the group’s management is now fully focused towards achieving the results outlined in the overall strategic business plan prepared in 2010.

During the first quarter, the group focused on the rights issue and on laying down the right foundations for the new business strategy. In parallel and leading into quarter two, the top priority was to ensure that the group will once again reach teh same level of monthly sales orders as it enjoyed in years prior to 2010, which target was consistently achieved since April 2011.

During the first six months of the year, management has also been working to introduce new cost effective strategies aimed at reducing the direct cost base without disabling efficiency.

These strategies will be in place by September 2011 and the group is expecting to start transforming the said sales orders into revenue at a faster pace, hence increasing gross profit contribution whilst keeping its administrative cost base fairly constant.

The board said it is confident that the group will achieve the expected positive results in the coming years and has therefore considered it appropriate to prepare this interim financial report on a going concern basis. The directors are recommending that no interim dividend be paid.