Motive Television losses widen in 2014

Shares in Motive Television plunged on Tuesday after the digital television technology group reported an increase in losses for 2014.

Full-year revenues declined 2.4% to £1.14m and losses before tax jumped to £12.5m from £3m the year before.

The company said sale levels were flat as it focused on developing activity, while costs increased as distribution channels and manufacturing resources were established.

Digital revenues also fell 19% to £645,871 and losses rose 42% to £1.3m as costs rose in preparation for the commercial launch of new products.

Motive said it completed the final steps of transitioning its technology to enable the transfer of content to tablets and to other mobile devices, at the same time as preparing the technology for commercialisation.

Furthermore, the launch of its Tablet TV in the US and in the UK were completed sucessfully during the period.

Shares were down 12.5% to 0.007p on Tuesday at 09:55.