Vince Power's Music Festivals plc is set to announce a full-year material loss, after its Hop Farm festival failed to turn a profit in 2012.
In a statement to investors which you can read below, the company blamed poor ticket sales and said it was now attempting to raise funds.
Hop Farm took place from Friday, June 29 to Sunday, July 1, with Peter Gabriel, Bob Dylan and Suede headlining.
Power's other summer flagship festival, Benaccasim in Spain, made a small net income - but profit fell year-on-year.
The statement read: "The Group's two main festivals were held in July 2012 and as set out in the announcement dated 3 July 2012, tickets sales at that date led the Directors to believe that the Group's financial results for the year ending 31 December 2012 would be significantly lower than market expectations.
"The Group was particularly impacted by weaker than expected ticket sales at Hop Farm Music Festival which was loss-making. The Benicassim festival continued to be profitable but at a much lower level than 2011.
"As a result, the Group currently expects to report a material loss for the year ending 31 December 2012 and is exploring ways of raising additional working capital."
Power (pictured) was a vocal critic of BBC Radio 1's free Hackney Weekend in June, telling the Independent: "In a special time of austerity, I'm sure that taxpayers don't want to see their money spent on festivals. If the BBC is giving something out for free, then we can't compete. It's really pissed me off. A lot of people aren't willing to put their head above the parapet, to say that this isn't fair. It isn't right."
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