Glasgow-based concert promoter DF Concerts has posted a loss of £1.09 million ($1.74 million) for the year ending March 31 2008.

The figure compares to a £42,292 ($67,649) pre-tax profit the previous year.

Despite the loss, DF Concerts director Geoff Ellis does not regret the investments made over the past year, which include establishing the Hydro Connect Festival in Argyll, Scotland.

"We've made considerable and necessary investments this year to ensure the future success and development of the company," he said. "The outlay to establish Connect in year one was significant but there were other costs as well, including investment in our infrastructure and a new accounting system, which will strengthen our business going into 2009.”

He added: "The figures posted were expected and don't obviously represent how positive this year has actually been for us. Gig going figures in Scotland remain similar to last year and are as robust as ever. As we'd also projected, our sister company, Big Day Out is performing very well and our core shows, such as T in the Park, remain profitable and strong."

With a number of big-name artists scheduled to tour Scotland in 2009, such as Take That, Ellis said he is feeling "very confident and positive about the year ahead."