Pinnacle confident of return to growth

Kylie Minogue is one of Turner Music's artist. Picture: Getty

Kylie Minogue is one of Turner Music's artist. Picture: Getty

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Telecoms and IT group Pinnacle has slashes its first-half losses by half following a cost-cutting drive at the firm, which recently won a deal with Warner Music.

Operating losses for the six months to 31 March fell to £549,000, from £1.2 million a year earlier, despite revenues dropping 6 per cent to £4m.

Chief executive Nicholas Scallan said: “Over the last year we have seen progress in returning the business to health with a much better defined focus, costs reduced and transformational projects underway. We remain confident that the leaner, more focused organisation will return to profitable revenue growth.”

As well as Warner – home to artists including Ed Sheeran, Fleetwood Mac, Kylie Minogue and Coldplay – Pinnacle’s recent project wins include deals with Baxters Food Group, car dealer John Clark and conciliation service Acas.

Aim-quoted Pinnacle’s board is “increasingly confident” about its prospects, according to chairman James Dodd, who said the firm was also seeking acquisition opportunities.

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