Press Releases
Boomerang Plus plc Interim Results 2008
26 February 2009
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 unaudited results for the six months ended 30 November 2008.
Financial Highlights
- Turnover increased 9.4 per cent. to £11.76 million (2007: £10.75 million)
- Operating profit before exceptional items increased 8.5 per cent. to £1.10 million (2007: £1.01 million)
- Profit before tax and exceptional items increased 15.2 per cent. to £1.08 million (2007: £0.94 million)
- Cash and cash equivalents of £3.98 million (2007: £4.42 million)
Operational Highlights
- Continuing integration of existing businesses
- Expansion of advertiser funded programming (“AFP”) division with major commissions including the “Sony Ericsson B-boy Championships” and “Sony Playstation GT Academy”
- Continuing investment and increased capacity of post production facilities by 18%
Outlook
- Well placed to benefit from Nations and Regions regulations
- Good visibility over future revenues and commissions
- Current trading in line with the Board’s expectations
Huw Davies, Chief Executive Officer of Boomerang Plus, commented:
“Through the six months to November 2008, the Group has consolidated its position as a leading Nations and Regions player in the UK.”
“We have a proven management team, a strong balance sheet and a good visibility of earnings and recommissions for the next financial year. This provides us with an excellent platform to exploit the significant opportunities that exist within a changing media marketplace.”
- Ends -
For further information, please contact:
| Boomerang Plus plc | Via Redleaf Communications |
| Huw Eurig Davies, Chief Executive | |
| Mark Fenwick, Finance Director | |
| Altium Capital Limited (NOMAD) | 020 7484 4040 |
| Tim Richardson / Melanie Szalkiewicz | |
| Evolution Securities Limited (Broker) | 020 7071 4300 |
| Tom Price / Jeremy Ellis / Adam Lloyd | |
| Redleaf Communications | 020 7566 6700 |
| Sanna Sumner / 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. The Group aims to become a major supplier to UK television networks looking to satisfy their Nations and Regions quotas
- The Board’s strategy is both to achieve organic growth by leveraging the Group’s existing customer base coupled with strategic acquisitions, both in digital media and traditional independent television production.
View the full PDF version of Interim Results (53 KB)
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