Vitesse Media downgrades guidance

Vitesse Media downgraded its profit guidance due to costs associated with the appointment of new executives.

The company had previously guided for a return to profit in the current financial year.

"However, the board has subsequently decided to accelerate investment, specifically in governance, IT, operations and editorial leadership, culminating in the senior management appointments announced today," it said.

"Accordingly, the board now expects the company to report a small loss for the year ending 31 March 2018."

Vitesse appointed James Robson as its chief operating officer, Clive Brett as chief technology officer and Lawrence Gosling as editorial director.

At 9:37am: (LON:VIS) Vitesse Media PLC share price was 0p at 3.6p