Press Releases
Boomerang Plus plc Interim Results
25 February 2008
Boomerang Plus plc (AIM: BOOM.L), a profitable and vertically integrated, multi-genre, independent television production group based in Cardiff, Wales, today announces its inaugural set of unaudited interim results for the six months ended 30 November 2007 since its listing on AIM.
Financial Highlights
- Turnover increased 112 per cent. to £10.75m (2006: £5.08m)
- Operating profit before exceptional items increased 167 per cent. to £1.01m (2006: £0.38m)
- Profit before tax and exceptional items increased 159 per cent. to £0.94m (2006: £0.36m)
Operational Highlights
- Successful admission to AIM following a £3 million placing
- Significant recommissions won from Channel 4 and S4C in drama and extreme sports, expected to contribute over £4 million in revenues over the next two financial years
- Production commenced of “Planed Plant”, the two year children’s television series for S4C also worth £4 million over the next two financial years. The contract was won in open tender against strong competition which included two of the UK’s largest television production companies.
- Continuing investment in production and post-production facilities, new media opportunities and creative development
Huw Davies, Chief Executive Officer of Boomerang Plus, commented:
“The six months to November 2007 has been transformational for the Group following its successful listing on AIM last year. These strong interim results reflect the organic growth and development of the Group.
“We believe that we are well placed to build a substantial independent television production company with quality earnings while adding key acquisitions that consolidate our position in the market.”
- Ends -
For further information and publication quality photographs, please contact:
| Boomerang Plus plc | Via Redleaf Communications |
|---|---|
| Huw Davies, Chief Executive | |
| Mark Fenwick, Finance Director | |
| Evolution Securities Limited | 020 7071 4300 |
| Tom Price/Jeremy Ellis | |
| Redleaf Communications | 020 7822 0200 |
| Emma Kane/Sanna Lehtinen/Anna Dunkin | boomerang@redleafpr.com |
Notes to Editors:
- The Group, founded in 1994, has extensive experience in producing content in a variety of genres, including youth programming, lifestyle, music, entertainment, children’s programming, extreme sports and drama
- The Group has good revenue visibility as a high proportion of its budgeted revenue is contracted with broadcasters
- The market for independent television production companies in the Nations and Regions has grown following quotas from the regulator Ofcom, which require that, depending on the broadcaster, between 10 per cent. and 50 per cent. of qualifying programming hours must be sourced from outside the M25 boundary
- Boomerang is ranked in the top five independent television production companies, by revenue, in the Nations and Regions according to the Broadcast Survey (Nations and Regions) 2007
- The Board’s strategy is both to achieve strong organic growth by leveraging the Group’s existing customer base coupled with strategic acquisitions, with a view to becoming a major supplier to UK networks looking to satisfy their Nations and Regions quotas
- Boomerang is well placed to participate in the consolidation of independent production companies across the UK. Target companies which meet the acquisition criteria will have a strong track record, which will assist the Group to grow further, outside Wales
View the full PDF version of Interim Results (186 KB)
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