2nd Mar 2015 10:43
LONDON (Alliance News) - Progressive Digital Media Group PLC Monday reported only a small pretax profit for 2014, significantly less than the profit it made the year before, after it said it acquisition costs, restructuring costs and the strength of sterling all more than offset good revenue growth during the year.
The company reported a pretax profit from continuing operations of only GBP294,000 for 2014, compared with a GBP7.3 million profit the year before, after it booked GBP2.6 million in restructuring costs, and a GBP4.4 million share-based payment charge during the year.
On an adjusted basis, which strips out costs such as share-based payments, exchange rate losses and impairments, earning rose 1.8% to GBP12.0 million from GBP11.8 million last year.
Revenue increased by more than 16% to GBP63.2 million from GBP54.3 million, driven by a 17.6% increase in Business Intelligence revenue, and 14.5% growth in Events and Marketing revenue.
Progressive Media completed three acquisitions during 2014, one bolt-on acquisition addressing the consumer market and two "complementary" acquisitions which address the Information Communications Technology market. It said that all of the recent acquisitions are performing well, although it said adverse exchange rate movements impacted organic growth.
"We are a focused business with one clear goal: to become a leading provider of premium business information to the Global Consumer and ICT markets. Last year was a step in the right direction; this year should prove to be another as we build on the solid foundation we have established," the company said in a statement.
"We expect 2015 to be another year of progress, as we seek to leverage our recent acquisitions and continue to invest in our content and delivery platforms," Chairman Mike Danson added.
Progressive Media shares were trading 0.9% lower mid-morning Monday at 213.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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