* H1 pretax profit up 38.5 pct to 1.8 mln stg

* Revenue falls 4.6 pct to 35.4 mln stg

* May consider acquisition for communications division

* Shares up 5.8 pct (Recasts; adds CEO comments)

BANGALORE, Dec 14 (Reuters) - Media production firm Ten Alps Plc (TAL.L) posted a rise in first-half pretax profit due to cost cuts and improved margins and said it was comfortable with the full-year consensus view, sending its shares up 5.8 percent.

Trading since September has remained in line with the management's growth targets for the full financial year, the British company said in a statement.

Chief Executive Alex Connock told Reuters that the company was comfortable with the full-year consensus estimate of 4.23 million pounds in pretax profit.

The company, which provides and manages content on TV, radio, online TV and print, had posted a pretax profit of 3.3 million pounds last year.

Nearly a third of Ten Alps' revenue is now generated from higher-margin online activities.

Ten Alps, which has made 21 acquisitions so far including last year's Twenty First Century Media, also said it might consider acquisitions for its larger communications division.

Connock said the company was looking for acquisitions in factual television and online media, and also small but very effective buyouts to expand its Asian operations.

The company has cash balance of 7.2 million pounds but no large warchest for acquisitions, he said.

Our experience in the past is that if an acquisition truly makes sense then it can be funded - whether through warchest or debt, Connock, who co-founded the company in 1999, said.

Ten Alps said pretax profit for the six months ended Sept. 30 was 1.8 million pounds ($2.92 million), compared with 1.3 million pounds in the year-ago period.

Revenue fell 4.6 percent to 35.4 million pounds, hurt by a reduction in customer advertising spend in the period.

Gross margins from the communications division rose to 35.2 percent from 31.7 percent in the year-ago period due to the shift in mix from media agency to the online format.

The company's shares, which have lost 17 percent in the last three months, rose 5.8 percent to 27.5 pence at 1320 GMT on Monday on the London Stock Exchange. ($1=.6161 Pound) (Editing by Deepak Kannan)