AIM-quoted Vitesse Media, the print and online business publishing group that focuses on coverage of growing companies, turned a £136,000 loss into a pre-tax profit of £17,000 (before exceptionals) in the year to January on revenues up 26 per cent to £2.3 million and expects further growth this year while the company continues to pursue acquisition opportunities. Robert Tyerman reports.

Vitesse, which publishes Growth Company Investor (with the Growth Company Investor Professional website) and Business XL magazines, as well as the AIM Guide and operates the SmallBusiness.co.uk and GrowthBusiness.co.uk websites, generated cashflow of £144,000 and ended the last financial year with cash more than doubled from £300,000 to £700,000. Chaired by chief executive officer and largest shareholder Sara Williams, Vitesse carried out several successful research projects, using its extensive database, and acquired event management specialist One Events.

During the year, Growth Company Investor launched its first ever Quoted Company awards, an event supported by the London Stock Exchange, AIM, the Quoted Companies Alliance and Financial Mail on Sunday. In June GCI will launch a day-long show to enable quoted companies to show their wares to institutional, professional and wealthy private investors.

Revenues for Business XL and its associated products surged from £188,000 to £514,000. The magazine increased its issues from six to ten.

The company achieved these results despite Lloyds TSB Banking's decision to end its support for another of its publications, the Small Business Guide. Vitesse deemed it prudent to write off £433,408 to reflect the loss of this support and that had the effect of turning the £16,591 profit into a loss of £416,817.

With formidable investor Bob Morton and Artemis Venture Capital Trust holding chunky stakes, Vitesse expects 'significant growth in both revenues and profits over the medium term', says Williams. Floated at 30p in 2001, Vitesse shares now stand at 33p.