Progressive Digital Media Group Plc – interim report for the six months ended 30 June 2012

Progressive Digital Media Group, a content driven media company producing premium business information, has announced it results for the six months ended 30 June 2012.

Highlights

  • Adjusted EBITDA(note 1) increased by 10.3% to £4.3m (2011: £3.9m)
  • Adjusted EBITDA Margin (note 1) increased to 16.6% (2011: 15.5%)
  • Group revenue increased by 2.8% to £25.9m (2011: £25.2m) with Business Intelligence revenues up by 12.5% to £13.5m (2011: £12.0m)
  • Business Intelligence revenues account for 52.1% of Group revenue (2011: 47.6%)
    • Business Intelligence at +12.5%
    • Events and Marketing at -5.3%
  • Reported profit before tax of £2.0m (2011: £1.2m)
  • Successful completion of a £20m share placing to fund acquisitions.
  • Acquisition of Kable, one of the UK’s leading providers of technology expenditure intelligence. Kable provides business information, tactical intelligence, research, analysis and consultancy to a number of the UK’s leading blue chip companies. See the DigiNet article on the Kable acquisition.
  • Exit from the consumer email marketing sector.
  • Full year results likely to be in line with market estimates.

Mike Danson, Chairman of Progressive Digital Media Group Plc, commented, “Our first half results demonstrate that we have made good progress across a number of key metrics delivering increased revenues, margin and earnings against the prior year comparatives. We continue to focus on those areas which present the best opportunities for growth such as Business Intelligence, which pleasingly now accounts for over half of Group revenues.  Our results, together with the fundraising and acquisition of Kable form not only a good platform for future growth but also have allowed the Group to exit from the less profitable consumer email marketing sector.  Moreover, the launch of the new intelligence centres and the performance of our Business Intelligence division as a whole have positioned us well to develop the business rapidly from now on.”

Note 1: Adjusted EBITDA: Earnings before interest, tax, depreciation, amortisation, impairment, and share based payments, and adjusted for costs associated with derivatives, acquisitions, integration and restructure of the Group. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of Revenue.

Note 2:  EBITDA: Earnings before interest, tax, depreciation, amortisation and impairment. Includes a charge of £0.5 million for share based payments (2011: £0.4 million).

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