Press Releases
Boomerang Plus plc Preliminary Results 2010
26 November 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 preliminary results for the year ended 31 May 2010.
Financials
- Revenue of £21.41 million (2009: £19.76 million).
- Operating profit of £0.61 million (2009: £1.14 million).
- Adjusted operating profit* of £0.78 million (2009: £1.25 million).
- Profit before tax of £0.54 million (2009: £1.09 million).
- Strong balance sheet with cash and cash equivalents at year end of £3.07 million (2009: £3.03 million).
Operations
- Good progress in diversifying the Group’s operations.
- Acquisition of Indus Films Limited in October 2009.
- Continued growth of Advertiser Funded Programming (“AFP”) both organically and through investment into the “Freeze” winter sports and music festival and acquisition of “Method”, the multimedia snowboarding publisher in September 2009.
- Awarded three-year contract for £4.0 million (£1.33 million per year) to produce programming and links for Cyw, S4C’s pre-school service, reinforcing our position as one of the largest children’s content producers in the UK.
- 428 hours of television programming in calendar year 2009 (2008: 371 hours).
* adjusted for professional fees in relation to unsuccessful corporate transactions (2010: £0.07 million, 2009: £0.07 million), provision for impairment of investments (2010: £0.07 million, 2009: £nil), amortisation of intangible assets arising on business acquisitions (2010: £0.02 million, 2009: £0.02 million), and share-based payments (2010: £0.01 million, 2009: £0.02 million).
Current Trading and Outlook
- Strong pipeline of programme revenues of £50.0 million, including current year to date.
- Favourable regulatory environment of Nations and Regions Network quotas.
- Strong balance sheet to fund future growth.
- Trading in the current year to date is in line with the Board’s expectations.
Huw Eurig Davies, Chief Executive Officer of Boomerang Plus, commented:
“Against a challenging backdrop, we have made very good progress with our strategy of diversifying the Group's operations. The addition of Indus has been a fantastic fit for the Group; it has taken us into new genres, broadened our customer base, and made a valuable contribution to our revenues for the period. We continue to enjoy long-term revenue visibility and a strong balance sheet, giving us 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 6700 |
| Anna Dunkin/ Rebecca Sanders-Hewett | boomerang@redleafpr.com |
| Altium | |
| Tim Richardson/ Melanie Szalkiewicz | 020 7484 4040 |
Boomerang Plus
- Boomerang, founded in 1994, has extensive experience in producing content in a variety of genres, including entertainment, factual, sport, music, drama, and children’s programming for television, radio and the web.
- The Group operates across the whole spectrum of creative industry activities including content production, post-production services, television facilities, and talent management.
- Boomerang aims to be independent television production company of choice to the Network broadcasters looking to fill their Ofcom quotas from the ‘Nations and Regions’ (broadcasters must source between 10% and 50% of qualifying programme hours 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 2010.
- Boomerang’s strategy is to continue to produce high quality content across a breadth of genres and to become a leading producer of AFP and digital content and services. The Group also aims to achieve strong organic growth by leveraging its existing customer base and making 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 2010 (62 KB)
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