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Cinema software company Vista Group has trimmed its interim losses as the movie industry continues to stage a comeback.
Key numbers for the six months ended June compared with a year ago:
- net loss $8.5m vs $18m
- revenue $69.7m vs $62.4m
- underlying earnings $2.5m vs $3.1m.
Chief executive Stuart Dickinson said it had been an "excellent period for the industry", with the release of Barbie and Oppenheimer, though both movies were released in the second half of Vista's financial year.
"What is doubly exciting is that these two movies are responsible for one of the best opening weekends in film history and they are both original content movies," Dickinson said.
Vista's total revenue for the first half rose by 12 percent as its cinema management software business saw strong interest, while its marketing business, Movio, also saw revenue increase.
"Vista Group is also sharply focused on its future. Last month we announced the business transformation project to streamline operations, bringing benefits to both clients and Vista Group," Dickinson said.
He said the changes - cutting its global workforce of about 780 by 6 to 8 percent - would streamline Vista's operations and open up new opportunities.
Vista reaffirmed its revenue guidance for the full year to between $142m and $147m.
It said following the organisational changes, Vista forecast to be free cashflow positive during the final quarter of 2024.