PeerTV needs to continue raising funds despite narrowing first half losses

PeerTV has increased turnover and reduced losses in the six months to 30 June, but its chairman said it needs to continue to raise funds for the company.

The technology solutions provider for the TV over the internet and printed circuit board production markets posted its interim results on Monday.

The company announced an increase in turnover from $0.793m (£0.522m) to $0.97m (£0.638m), which helped narrow the company’s operating loss from $1.53m (£1.0m) to $1.35m (£0.89m).

The group also reduced its net liabilities from $6.624m (£4.36m) to $5.607m (£3.69m).

It has also brought on a new management and marketing team for PeerTV and to acquire a new assembly line to increase capacity and improved efficiencies in its Digitek business.

PeerTV chairman Eitan Yanuv said the “over the top” video market is glowing strongly.

“Online distribution is cost-effective when targeting small audiences, and the nature of the web means that small niches attain a significant scale when applied to a global market.

“A recent study by Horowitz Research claims that 88% of urban TV viewers now have the ability to stream video and states that multicultural viewers are more likely to have made OTT video a part of their lifestyle.

Yanuv said the group, which has been reporting a loss for some time now, “continues to need to raise funds to provide the working capital necessary to support the development of both business units, meet loan repayments and other commitments”.