Press Releases
Boomerang Plus plc Interim Results 2009
25 February 2010
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 2009.
Financial Highlights
- FY 2010 second half weighted compared to FY 09
- Turnover of £8.87 million (2008: £11.76 million)
- Gross profit margin increased to 19.1% (2008: 16.7%)
- Operating profit of £0.49 million (2008: £1.10 million)
- Cash and cash equivalents of £2.82 million (2008: £3.98 million)
Operational Highlights
- Good progress on diversification strategy:
- Acquisition of Indus Films Limited in October 2009
- Investment in winter sports live event joint venture, Big Freeze Limited
- Acquisition of multi-media producer Method
- £12 million three year S4C Children’s contract
- 482 hours of programming for calendar year 2009
- Continued critical acclaim for the Group’s programmes
Outlook
- Full year revenues will be second half weighted due to timing of larger projects
- Strong visibility over future revenues and commissions with pipeline in excess of £50 million
- Increasing network productions
- Current trading in line with the Board’s expectations
- Continuing to examine acquisition opportunities
Huw Eurig Davies, Chief Executive Officer of Boomerang Plus, commented:
“Through this transformational six month period, we have made successful efforts to diversify our broadcast customer base, genre portfolio, IP and international reach whilst continuing to win significant commissions.
“In tune with our strategy, we have made considerable progress with acquisitive and organic growth. We continue to enjoy good revenue visibility and are delighted to have improved margins in such a difficult period.
“I would like to take this opportunity to thank our exceptional team of creative and talented people who continue to produce high quality, market leading content.”
- 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/ Lucy Salaman |
boomerang@redleafpr.com |
| Altium Capital | |
| Tim Richardson/ Melanie Szalkiewicz | 020 7484 4040 |
| Evolution Securities | |
| Adam Lloyd | 020 7071 4317 |
Boomerang Plus
- 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 Interim Results (190 KB)
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