Media Corporation plc Final Results

Media Corporation plc Final Results

Media Corporation plc, a leading AIM quoted media and online gaming group, is pleased to announce its audited results for the year ended 30 September 2011.

Highlights

Financial highlights

  • Group Revenue of £35m ( 2010: £ 24m) an increase of 46%
  • Gross Profit of £5.7m (2010: £5m) an increase of 14%
  • Operating loss before exceptional costs £1.38m (2010:£1.40m)
  • Exceptional costs of £1.4m, resulting in an operating loss of £2.9m (2010: £1.4m)
  • Adjusted EBITDA * Loss £0.98m ( 2010: Loss £1.20m)
  • Cash Balances at the year-end of £2m (2010: £2.2m)
  • Wholly owned subsidiary Purple Lounge revenues of £27.5 million (2010: £21.3 million) an increase of 29%
  • Wholly owned subsidiary Eyeconomy revenues of £7.3 million (2010: £2.8 million) an increase of 160%

*"Adjusted EBITDA" (Adjusted net income before interest income, exceptional costs, provision for income taxes expense, depreciation and amortization and gaming software levy)

Operational highlights

  • Purple Lounge achieved significant revenue growth during the year with registered customer numbers reaching 120,000 (2010: 100,000) by the year end
  • Eyeconomy signed a partnership deal with Digital Sports Group adding a further 150 million monthly impressions and doubled the scale of Eyeconomy's exclusive site representation business from August 2011
  • Eyeconomy signed an extension to its contract with Express Newspapers in December 2011
  • The sale of Gambling.com and Sport.co.uk for £1.5m net during the financial year

The Directors continue to consider appropriate bolt on, profitable and cash generative acquisitions, particularly in the online gaming arena.

Commenting on the results, Justin Drummond, Chief Executive, of Media Corp, commented:

“This is another year of impressive growth for Media Corp, where the Group has made progress across all of its key financial metrics. The Group’s wholly owned subsidiaries, Purple Lounge and Eyeconomy have made considerable progress during the year, with Purple Lounge adding 20,000 new customers and Eyeconomy achieving a number of new client wins and supplier contracts. The Group will continue to pursue organic growth and seek further earnings enhancing acquisitions during the 2012 financial year”

The full report and accounts for the period ended 30 September 2011 together with the notice of annual general meeting (to be held 11am on 16 February 2012 at the offices of Northland Capital Partners Limited, 60 Gresham Street, London, EC2V 7BB) will be forwarded to the registered shareholders of the Company. A further announcement will be made when the report and accounts has been posted.

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