MAMA Group, the live music venue and festival operator, saw losses narrow significantly in the nine months to 30 April 2011 after investments were scaled back. The company, which was bought by music retailer HMV in January 2010, reported a loss for the period of £1,533,436, against a loss of £11,143,177 for the full year to 31 July 2010 - the reporting date was shortened to align it with its parent company. Operating loss was £1,572,184 (FY2010: £10,529,386). Revenue fell sharply, from £704,455 in FY2010 to £264,290, largely because the most recent trading period excluded the summer festival season - its festivals include Lovebox in London and the Great Escape in Brighton. Provision for investment, minus a £282k write back from the previous year, totalled £1,607,035, against a cost of £9,072,573 in FY2010. The total exceptional items bill fell from £10,409,842 to £1,607,035. The Mean Fiddler Group of venues, of which MAMA Group owns 50%, “continues to perform strongly”. the company said. The division includes well-known music venues such as the Relentless Garage, HMV Hammersmith Apollo and HMV Forum. As with FY2010, MAMA Group did not pay dividends in the period. MAMA Group listed the same risks to trading as in its FY2010 accounts, including changes in audience preference against guitar-based music, increased competition and changes to council licensing policies.