30th Mar 2015 09:49
LONDON (Alliance News) - Immedia Group PLC on Monday said its pretax profit rose in 2014 on the back of gains made from its investment in Audioboom Group PLC, though revenue fell due to lower equipment sales.
The company, which provides digital music, entertainment and commerce channels to brands, said its pretax profit rose to GBP668,130, from GBP405,619 in 2013. The gain was driven nearly entirely by a GBP517,200 gain the company made on its investment in Audioboom, the AIM-listed audio content company.
Revenue fell to GBP2.6 million from GBP2.8 million, as 17% growth in services revenue was offset by lower equipment sales. The group said it is working on developing its audio visual supplies business and expects improved equipment sales in future years.
"We invested in strengthening departmental leadership to support new opportunities and developed new systems to harness growth," said Chief Executive Bruno Brookes. "Our market place has matured and with our new internal technology developments we are able to provide services to audiences anywhere, anytime."
Immedia also said on Monday it has won a four-year contract extension with HSBC Bank under which it will continue to broadcast HSBC Live through to the first quarter of 2019.
"We are delighted to announce a four year extension of our contract and look forward to working with HSBC to further develop our successful music and communications channel for their retail banking environment," Brookes said.
It didn't give any financial details about the deal.
Shares in Immedia were down 8.2% to 16.06 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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