By Shaun Brown
Boxing Channel Media Ltd, the trading name for BoxNation, reported a loss of £1.7m for a 14 month financial period to March 31, 2015.
The figures, which have been lodged with Companies House, are down from losses of £3.4m in 12 months to January 31, 2014.
The UK subscription channel, which launched in September 2011, and shows fights from all over the world including ones staged by Queensbury Promotions, are now entering its fifth year of operation.
The more alarming news from the filed accounts shows a balance sheet deficit to the tune of £8m.
Accounts were prepared on a going concern basis and the auditors state in their report dated December 14, 2015: "The matters explained in note 1.1 to the financial statements indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern."
However, the report did go on to state that: "The directors are confident that the company will be able to continue as a going concern as the company is in the process of raising funds, expected to be in the region of £5 million, through a corporate exercise.
"Subsequent to the expected fund raising, revenues are projected to increase significantly and the company to move to profitability in the period to 31 March 2017, retaining positive cash balances as a result of the investment of the anticipated fund raising proceeds in the business."
This comes at a time when Queensbury Promotions Ltd, whose accounts for the period until 31 March 2015, were submitted to Companies House in July 2015. These showed a loss of £3.3m and balance sheet deficit of nearly £4m.
Shaun Brown is Boxing Scene's UK News editor. Follow him on Twitter @sbrown2pt0 Contact him at [email protected]