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Financial Highlights

Highlights:

  • Sales increased by 28% to £18.9 million (2008: £14.7 million)
  • Gross profit increased by 10% to £4.6 million (2008: £4.2 million)
  • Other administrative costs up 5% to £6.3 million (2008: £6.0 million)
  • EBITDA* from operations showed a loss of £1.7 million, decreased from £1.8 million
  • Return to EBITDA positive trading throughout the fourth quarter

* Calculated as profit before interest, tax, amortisation, depreciation, share based payments and share of associated Group loss

Commenting on the results, Adrian Moss, Chief Executive, said: “Despite producing a similar full year result in 2009 to 2008, we are pleased to have returned the Group to positive EBITDA throughout the fourth quarter, especially in the prevailing global economic climate.

“Much of our sales growth and all of our gross profit growth has been driven by our Asian businesses whilst our more mature Australian business has done well to reverse some of the recession driven negative trends that we saw in the first half of the year.

“The Group currently operates in territories that represent less than 15% of Asia Pacific, and less than 2.5% of Asia internet advertising spend (Source: ZenithOptimedia December 2009 Report). Further material growth in digital advertising spend is expected within current operating territories however launching in additional territories will facilitate access to a significantly larger share of regional digital budgets.
“Entering the Chinese market place would give the Group exposure to a market estimated to be worth over $4 billion in 2010 and representing over 25% of Asia internet advertising spend.

“With this in mind, staff, offices and launch clients are already contracted and we expect to be operating in China from a Shanghai base by June 2010. After a difficult period the Board and management remain enthused by the opportunity ahead”

 
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