20th Mar 2014 10:32
LONDON (Alliance News) - Shares in Immedia Group PLC rose 17% Thursday after it swung to a profit in 2013, benefiting from a rise in revenue and its cost reduction and restructuring programme in 2012.
The bespoke digital music and entertainment channels posted a pretax profit of GBP405,619, swung from a pretax loss of GBP167,173 in the previous year, as revenue rose to GBP2.8 million from GBP2.5 million and administrative costs dropped to GBP1.1 million from GBP1.5 million in 2012.
The company said it had engaged and provided services to eleven new brands and entered four new retail markets during the period. It has developed new opportunities into consumer channels, Immedia said, which it aims to launch in 2014.
Immedia expressed cautious optimism for the coming year, as it noted that the "long awaited" economic recovery is still fragile.
"For the year ahead, whilst there will be new challenges, I am confident we will benefit from a buoyant need for a broader digital marketing and communications mix in the business sector to deliver new channels to a wider audience world-wide," said Chief Executive Bruno Brookes in a statement.
Shares in Immedia were trading up 17% at 24.25 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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