1st Mar 2016 10:59
LONDON (Alliance News) - Market researcher GlobalData PLC said Tuesday it has transformed its business in 2015, after it exited from the more traditional B2B publishing sector and focused instead on premium business information services, changing its name from Progressive Digital Media Group PLC.
GlobalData bought GlobalData Holding Ltd in an all-share deal that valued the business at around GBP66.5 million, completing the acquisition in January. At the same time, it sold its Progressive Trade Media Ltd business.
On Tuesday, GlobalData posted its first full year results under its new name, saying it had performed well over the recent year. No revenue or profit from the GlobalData Holdings acquisition was included in the results, nor the B2B business that it sold.
GlobalData posted a pretax loss from its continuing operations of GBP2.8 million, narrowing from the GBP3.1 million loss posted in 2014. The company incurred GBP4.3 million in restructuring costs and a GBP2.1 million share based payments charge in 2015, while such one-off costs were much lower in 2014.
GlobalData said cash generated from continuing operations increased seven-fold to GBP10.9 million in 2015 from GBP1.3 million the previous year.
Revenue increased by 25% to GBP60.5 million from GBP48.3 million, which GlobalData said reflected the strong organic revenue growth of 14%, as well as the part year benefit of the Verdict Research acquisition. The company purchased retail analyser Verdict Research Ltd from Informa PLC in September.
It proposed a maiden final dividend of 2.5 pence per share, which it said reflected the improved prospects for the group after the transformation.
GlobalData added it has had a good start to 2016.
"The business has changed significantly over the last year. We now have a business with largely annualised global revenues," said Mike Danson, chief executive.
Shares in GlobalData were up 6.1% at 221.16p on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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