A Leading Internet Advertising Group, Issues a Trading Update Ahead of the Group's Preliminary Results for the Year Ended 30 September 2007
Trading has been in-line with market forecasts for the year and operations continue to perform well following a strong return to operating profitability during the second half of the financial year.
London, UK (PRWEB) October 19, 2007 -- Media Corporation plc ("Media Corp" or "the Group"), a leading internet advertising Group, issues a trading update ahead of the Group's preliminary results for the year ended 30 September 2007.
Trading has been in-line with market forecasts for the year and operations continue to perform well following a strong return to operating profitability during the second half of the financial year.
In addition, the Group has made a significant exceptional pre-tax profit of approximately £2.5 million in the 2007 financial year, following the successful sale of the Casino.co.uk business. Additional consideration of up to £0.625 million may also be received by the Group during the 2008 financial year if the assets sold achieve certain pre-agreed targets during the first six months' trading.
The Group ended the 2007 financial year in a very strong financial position with over £6.5 million in cash.
Commenting on today's announcement, Justin Drummond, CEO, said:
"The Board has successfully re-focused the business, reducing the Group's reliance on advertising revenue from the online gaming sector. Initial benefits of this diversification strategy have been witnessed during the second half of the year. We are pleased with the growth experienced as a direct result of repositioning our business, and we look forward to a promising start to the 2008 financial year".
Internet Publishing Highlights
- Significant investment in senior management, technical infrastructure and internet publishing assets completed during the second half of the 2007 financial year
- Recruitment of a team of highly experienced internet publishing specialists during the second half in Technical, Search Engine Optimisation and Copywriters/Content writers
- Successful Re-launch of market leading web-sites: www.onthebox.com and www.gambling.com during the second half of 2007
- Ongoing Premium Domain Name acquisitions and new web sites under development
Advertising Network Highlights (Eyeconomy)
- Transition from TV budgets to online is driven by penetration of internet access to a majority of the UK population: more time online than watching TV in many homes
- Eyeconomy provides very large scale media spaces with reach comparable to TV but traceable and online
- Eyeconomy currently reaches over 30 million people in the UK each month
Major Client Wins
- Recent Clients include American Express, Sky, AOL, World Wildlife Fund and Dating Direct: Ongoing major new client pitches underway
- High proportion of long term (over three month) campaigns
Demonstrated Growth
- Sales team more than doubled in size during the second half of the financial year
- Securing rights to broad traffic sites: representing over 750 websites
- Geographical expansion already underway
- Recent investment in significant presence at trade shows and trade PR starting to return value
Strategy going forward
The Board is aiming for continued significant growth during 2008 as we seek to maximise the potential of the Group's internet publishing assets. The Group clearly owns very valuable internet assets, as was demonstrated by the recent sale of the Casino.co.uk business for £3.6 Million. With an existing significant web site portfolio still owned by the Group, the Board will continue to rapidly develop and enhance the value of its core internet assets, and maximise their value for the benefit of shareholders.
For further information please contact:
Media Corporation plc
Justin Drummond, Chief Executive
+44 (0)20 7618 9000
Buchanan Communications
Charles Ryland/Suzanne Brocks/Susanna Gale
+44 (0)20 7466 5000
Canaccord Adams Limited
Mark Ashurst, Managing Director
+44 (0)20 7050 650
Notes to editors:
Listed on the AIM market of the London Stock Exchange, Media Corp is a leading internet media and advertising group focused on website publishing and online advertising.
The Group has two principal divisions:
Website Publishing - Media Corp has a diverse publishing division specializing in online media. Our impressive portfolio of websites includes a number of market leading sites including Gambling, Credit Cards, TV Guide and Flight Comparison.
Online Advertising - Formed in 1996, Eyeconomy specializes in mass reach campaigns to over 30 Million unique consumers per month via its own proprietary ad-serving and tracking technology for clients including AOL, Dell and American Express.
eyeconomy.co.uk
mediacorpplc.com
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