25th Jul 2016 08:01
LONDON (Alliance News) - GlobalData PLC on Monday said it swung to a loss in the first half of 2016 due to one-off charges but revenue surged higher following its recent merger and name change.
The market research firm exited the business information services sector and changed its name from Progressive Media Group PLC in January, as it acquired the GlobalData Holding business in a GBP66.5 million deal. The size of the business also was increased by the acquisition of the Datamonitor Consumer unit from FTSE 100-listed Informa PLC in September 2015.
For the half-year to the end of June, GlobalData reported a pretax loss of GBP1.3 million, swung from an GBP800,000 profit the year prior, caused by booking a GBP7.3 million amortisation charge.
But revenue grew to GBP47.1 million, up 65% year-on-year from GBP28.6 million, while deferred revenue grew to GBP37.9 million, nearly double the GBP19.2 million booked a year earlier.
The company will pay an interim dividend of 2.5 pence per share, having not declared a payout the year before.
"It has been an encouraging first half of our financial year, with the group making progress across a broad range of metrics and reporting good increases in revenue, earnings and cash generation. The business is performing well, and the board is confident that we will continue to make progress both this year and beyond," said Chairman Bernard Cragg.
Cragg said GlobalData has yet to see any direct impact on its business from Brexit but said sales growth could take a hit from a lengthening of procurement cycles caused by the uncertainty the vote has created.
Shares in GlobalData were up 1.5% to 332.51p.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
GlobalData