The company, which had a turnover of £3.1 million, said it was on track to meet its target three-year profit plan. Mike Soutar, the chief executive, added: "We thought we would make greater losses in year one than we did. But we beat our original forecasts. We are well set to hit our targets in the next 12 months."
ShortList Media, the free men's magazine publisher, has posted a pre-tax loss of £2.7 million for its first year of trading to the end of August 2008.