Press Releases
Boomerang Plus plc Preliminary Results 2008
22 October 2008
Boomerang Plus plc (AIM: BOOM.L), a profitable and vertically integrated, multi-genre, independent television production group operating within the Nations and Regions today announces its maiden set of preliminary results for the year ended 31 May 2008 following its admission to AIM in November 2007.
Financial Highlights
- Revenue increased 100 per cent to £20.93m (2007: £10.46m)
- Adjusted operating profit* increased 144 per cent to £2.20m (2007: £0.90m)
- Adjusted profit before tax* increased 144 per cent to £2.10m (2007: £0.86m)
- Profit before tax increased 91 per cent to £1.30m (2007: £0.68m)
- Cash and cash equivalents increased to £6.33m (2007 - £3.94m)
* adjusted for exceptional administrative expenses (2008: £0.74m, 2007: £nil), impairment provisions (2008: £nil, 2007: £0.10m), amortisation of intangible assets arising on business acquisitions (2008: £0.04m, 2007: £0.06m) and share-based payments (2008: £0.02m, 2007: £0.02m).
Operational Highlights
- Successful admission to AIM in November 2007 following a £3 million placing (£2.21 million net of expenses)
- Significant recommissions won from Channel 4 and S4C particularly in drama, extreme sports and lifestyle
- Production commenced in October 2007 of “Planed Plant”, the children’s continuity links for S4C worth over £4 million over a two-year period. The contract was won in open tender against strong competition
- Continuing investment in staff, production and post-production facilities, digital media opportunities and programme development
Outlook
- high visibility over future commissions
- favourable regulatory environment
- strong balance sheet to fund growth
- current trading is in line with directors’ expectations
Huw Eurig Davies, Chief Executive Officer of Boomerang Plus, commented:
“We are delighted to announce our maiden results to the market. During the year to 31 May 2008, the Group has experienced strong growth and has been successful in securing recommissions for a significant number of its key programs. We will continue to develop and grow the Group organically, and look for acquisitions which add value and diversification to its offering.
- Ends -
For further information, please contact:
| Boomerang Plus plc | Via Redleaf Communications |
|---|---|
| Huw Eurig Davies, Chief Executive | |
| Mark Fenwick, Finance Director | |
| Redleaf Communications | + 44 (0)20 7822 0200 |
| Sanna Sumner/ Anna Dunkin | boomerang@redleafpr.com |
| Altium Capital Limited (Nomad) | +44 (0)20 7484 4040 |
| Tim Richardson / Melanie Szalkiewicz |
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 Preliminary Results 2008 (213 KB)
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