3rd Mar 2014 11:05
LONDON (Alliance News) - Publishing Technology PLC Monday reported an increase in profit and revenue for the full-year, but said this was lower than expected due to delays in three large implementation some of its products including pub2web which provides custom web platforms, tailored to any business model and any type of content.
The company, which supplies audience development and content delivery software and services to international publishers, posted pretax profit of GBP665,000 for 2013, up from GBP283,000, as revenue rose 4% to GBP16.9 million from GBP16.3 million a year earlier, boosted by its Vista division which targets small and large publishers.
Vista had a strong year with revenue rising 9% to GBP7.5 million, from GBP6.9 million, with gross margin improving to 53% from 50% as a result of additional licence sales to existing customers and the completion of a new implementation for an international publishing customer, said the firm.
The company said its Chinese joint venture is beginning to pay for itself, with the business unit increasing revenues and producing a maiden profit of GBP200,00 in its second year of trading compared with a loss of GBP100,000 a year earlier.
Beijing Ingenta Digital Publishing Technology in which the firm has a 49% stake, has established a good foothold in the market, the firm said, recently winning 12 publisher contracts as part of a government sponsored initiative to drive publishers towards online platforms.
Commenting on the joint venture, the firm said: "Prospects for 2014 are good, with deals signed for digital product management implementations with over 12 new publishers and a contract for implementing advance at a major Chinese reference publisher."
Financially, the group had net current liabilities of GBP3.2 million at the period-end down from GBP3.8 million.
The firm did not recommend payment of a dividend. It did not pay a dividend last year.
The stock was trading at 309.25 pence, down 11.75 pence 4.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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