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All ThingsConsidered Group PLC on Monday posted a rise in revenue in 2021 and said momentum has continued into 2022.
The London-based music firm providing talent management, live booking and livestreaming said revenue climbed 28% to £9.1 million from £7.1 million in 2020.
The company said its service businesses are trading in line with management expectations and are seeing growth as the global music market emerges from the Covid-19 pandemic.
Pretax loss widened however to £2.7 million from £340,831. The worsened loss was due to a substantial investment into Driift, a global livestreaming business, to deliver the Glastonbury 'Live at Worthy Farm' event. This was disrupted by technical issues caused by a third-party supplier, All ThingsConsidered said. ‘This resulted in customer refunds and a reduction in ticket sales.’
Administrative expenses increased to £4.8 million in 2021 from £1.4 million in 2020. This is due to the additional overheads of businesses that were acquired in 2021.
Chief Executive Officer Adam Driscoll said: ‘We are pleased to report on a year of significant advancements for the group, which saw double digit revenue growth despite significant disruption from Covid-19 restrictions. Strong momentum has continued through 2022 as market conditions return to more normalised levels with the opening up of live events and related activity.
All ThingsConsidered also reported an improved cash position of £4.4 million as at December 31, compared to £1.6 million a year ago.
The company completed its initial public offering on Aquis Stock Exchange in December last year, raising a total of £4.5 million before expenses.
Looking ahead, All ThingsConsidered expects to generate higher margin business going forward. It said strong new partnerships are emerging for the group, which will further strengthen its position as the music industry experiences further digital transformation in the coming years.
All ThingsConsidered shares were last traded on June 7 at 152 pence each in London.
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