Press Releases
Boomerang Plus plc Preliminary Results 2009
26 October 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 preliminary results for the year ended 31 May 2009.
Financials
- Revenue of £19.76 million (2008: £20.93 million), a decrease of 5.6% predominantly due to delayed projects
- Operating profit of £1.14 million (2008: £1.40 million), a decrease of 19%
- Adjusted operating profit* of £1.25 million (2008: £2.20 million), a decrease of 43%
- Profit before tax of £1.10 million (2008: £1.30 million), a decrease of 16%
- Cash and cash equivalents of £3.03 million (2008: £6.33 million)
Operations
- Three-year contract for £12 million from S4C to produce programming and links for older children, reinforcing position as one of the largest children's content producers in the UK
- Revenue growth of 93% in Advertiser Funded Programming ('AFP') division to £1 million
- Produced 371 hours of television programming in calendar year 2008
* adjusted for exceptional administrative expenses (2009: £nil, 2008: £0.64 million), professional fees in relation to unsuccessful corporate transactions (2009: £0.07 million, 2008: £0.10 million), amortisation of intangible assets arising on business acquisitions (2009: £0.02 million, 2008: £0.04 million) and share- based payments (2009: £0.02 million, 2008: £0.02 million).
Outlook
- High visibility of future commissions with a pipeline of £42.9 million of programming revenue including £16.9 million for the current financial year
- Favourable regulatory environment
- Strong balance sheet to fund future growth
- Post year end incorporation of Freesports on 4 Freeze live event joint venture
- Post year end acquisition of multimedia producer, Method
- Post year end acquisition of Indus Films Limited
- Current trading is in line with the Board's expectations.
Huw Eurig Davies, Chief Executive Officer of Boomerang Plus, commented:
“Boomerang has enjoyed some very positive and exciting developments over recent months despite the tough financial climate.
“We are very well positioned with good revenue visibility, a strong balance sheet and a market offering which is highly favoured by the regulatory environment. This provides an excellent platform for the next phase of the Group's growth.”
- Ends -
For further information, please contact:
| Boomerang Plus plc | Via Redleaf Communications |
| Huw Eurig Davies, Chief Executive | |
| Mark Fenwick, Finance Director | |
| Redleaf Communications | 020 7566 6731 |
| Anna Dunkin/ Samantha Robbins | boomerang@redleafpr.com |
| Altium Capital | |
| Tim Richardson/ Melanie Szalkiewicz | 020 7484 4040 |
| Evolution Securities | |
| Adam Lloyd | 020 7071 4317 |
Boomerang Plus plc
- Boomerang, founded in 1994, has extensive experience in producing content in a variety of genres, including extreme sports, youth programming, music, entertainment, children's programming, and drama.
- 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 three independent television production companies, by revenue, in the Nations and Regions according to the Broadcast Survey (Nations and Regions) 2009.
- Boomerang'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.
View the full PDF version of Preliminary Results 2009 (76 KB)
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