Ten Alps slashes losses and costs

TEN Alps, the media company hit hard by public sector spending cuts, has cut  annula losses after major restructuring.

The London-based group, founded by Bob Geldof, used to make publically-funded programmes such as a bespoke digial channel for teachers.

Last year after contracts were axed it racked up losses of £13m, but these have been slashed to £1.1m.

The company, which employs around 150 at offices in Macclesfield and Manchester has chopped operating expenses by 18% in the six months to the end of September. In July the company’s Cheshire-based boss Alex Connock was axed too.

Sales rose by 2% to £22m and ebitda doubled to £700,000.

Chairman Peter Bertram said: “This financial year is all about creating a solid base from which to develop Ten Alps. We are making progress, year on year we have reduced our cost base, improved our debt position and focused the business to high quality media sectors.

“There is still work to do, but the last six months has put us in better shape to meet the macroeconomic challenges we are all facing and to take advantage of any future opportunities.”