Vitesse Media booked a first-half loss after revenue slipped in a tough advertising markets and sales costs rose.
The company posted a loss of £213k, compared to a £3k profit in the previous corresponding period.
Revenue fell by 5.7%.
The company forecast a return to profit for the full year, albeit a small one.
"The period under review has been one of exciting change for Vitesse, with new management appointments and an oversubscribed capital raise to provide funds for growth and investment in a new growth strategy," newly-appointed chief executive Simon Stilwell said.