24th Dec 2010 07:00
Media Corporation Plc
(AIM: MDC)
("Media Corp" or the "Group")
Business Update
Media Corp, a leading advertising network and online gaming group, is pleased to provide a business update on the first two months of the current financial year which started on 1 October 2010.
Eyeconomy Limited ("Eyeconomy"), the online advertising solutions provider, has had an exceptionally strong start to the 2010 financial year. Other highlights for the first two months to 30th November 2010 include:
Record advertising bookings for the commencement of the 2011 financial year. £1m contract renewal with Express Newspapers announced on 18th November. New long-term advertising contracts signed for the 2011 financial year.Purple Lounge Limited ("Purple Lounge"), the Group's online gaming business, has had a strong start to the new year having reached a new milestone of 110,000 registered customers. In addition to this other highlights include:
Daily visitors increased to 14,200 compared to 4,200 last year, an increase of 235%. New customer signups increased to 84 per day compared to 27 last year, an increase of 211%. Average daily active Casino Players increased by 150%.The sale process for Gambling.com is ongoing, having received interest from a number of Gaming and Private equity groups. It is anticipated that this sale should complete in the first quarter of 2011. As previously highlighted, the proceeds from this sale will provide the Group with significant funds for growth and a number of acquisitions in both the gaming and online advertising businesses in 2011.
Justin Drummond, CEO, Media Corporation plc, commented:
"This is the strongest start for a new financial year at Eyeconomy since the Group acquired the business in 2004. This is very encouraging as we are now seeing a broad recovery in online advertising spend across a broad range of sectors".
"The Group gathered significant momentum in 2010 and the turnaround that started in 2009 is now firmly underway. We look forward to providing a further update on first quarter Group trading in January 2011".
--ENDS--
Contacts:
| Media Corporation Plc | Tel: +44 20 7618 9000 | |
| Justin Drummond - CEO | ||
| Nilesh Jagatia - Group Finance Director | ||
| Northland Capital Partners limited | Tel: + 44 20 7492 4750 | |
| Luke Cairns / Rod Venables (Nomad) | ||
| Katie Shelton (Joint Broker) | ||
| XCAP Securities
John Grant / Karen Kelly (Joint Broker) | Tel: + 44 207 101 7070 | |
| Bishopsgate Communications | Tel: + 44 20 7562 3350 | |
| Gemma O'Hara / Siobhra Murphy |
Notes to editors:
Quoted on the AIM market of the London Stock Exchange, Media Corp is a leading media and online gaming group.
The Group has two principal divisions:
Advertising Network - Formed in 1996, Eyeconomy specialises in mass reach campaigns to up to 50 Million unique consumers per month via its own proprietary ad-serving and tracking technology for clients including AOL, Dell and American Express.
www.eyeconomy.co.uk
Website Publishing - Media Corp has a diversified publishing division specialising in online media and gaming. The impressive portfolio of websites includes a number of market leading websites, such as www.purple-lounge.com, www.gambling.com, www.onthebox.com, www.sport.co.uk, www.creditcardexpert.co.uk and www.flightcomparison.co.uk.
Further information can be found on the company's website, at www.mediacorpplc.com
Copyright Business Wire 2010
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