26th Jun 2014 09:26
LONDON (Alliance News) - Porta Communications PLC said Thursday that its performance since the beginning of 2014 remains on track, with its Communications division performing ahead of budget.
In a statement released ahead of the company's annual general meeting Thursday, Chief Executive of Porta David Wright said "After five months of the current year, the performance of the Group remains on track, making substantial progress towards our goal of delivering positive EBITDA after all costs for the full year."
The company reported encouraging figures, stating that its growth trajectory has continued with gross profit (fee income) growing by approximately 2.4 times to over GBP8 million and earnings before interest, taxation, depreciation and amortisation, after all costs, increasing by approximately GBP1.6 million to approximately GBP0.8 million, when compared to the first five months of the previous year.
On a divisional basis, the Communications division - Porta's largest part of the group under the Newgate brand - has performed ahead of budget, particularly in Australia, said the company, which added, "We are experiencing strong new business flows and the Board currently believes that this trend will continue for the remainder of the year."
The Marketing and Advertising division's performance came in under budget in the year-to-date, however following the implementation of efficiency measures coupled with new client wins the company said it expects an improved performance from the business during the remainder of the year.
Shares in Porta Communications were trading 11.21% lower at 10.1 pence per share Thursday morning, one of the biggest fallers on the AIM market.
By Alice Attwood; [email protected]; @AliceAtAlliance
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