Profits rise at Future plc

November 22, 2013 — Fusion DigiNet

Future plc, the specialist media group and digital publisher has announced preliminary results for the year ended 30 September 2013.

Financial highlights

Future results 2013

Click on the table for an enlarged view

  • Normalised Group revenues up 3% driven by Digital & Diversified revenue streams
  • Normalised pre-tax profit at £1.9m from loss of £2.7m in prior year
  • Digital revenues up 38% year-on-year, Digital & Diversified now 32% of total Group Revenues
  • Digital advertising now 59% of total advertising revenue, up from 48% a year ago
  • UK operations grow advertising and circulation revenues for the year
  • US operating profitably (at EBITDAE level) in H2
  • Net debt more than halved from £14.1m to £6.9m following the sale of non-core print activities
  • Reinstatement of dividend at 0.2 pence per share

Digital highlights

  • Unique users up 14% year-on-year to 57.7 million a month, US unique users up 18% − growth driven by TechRadar
  • Page views up 19% year-on-year to 328 million a month
  • TechRadar now reaching over 20 million unique users globally a month
  • Digital edition revenues up 44% year-on-year
  • Over 340,000 subscribers to digital editions, up 46% since September 2012

Mark Wood, Future’s Chief Executive, said: “Our digital revenue growth accelerated, with a 38% increase year-on-year, and we passed an important transition point with more than half our advertising revenues now digital. We have made real progress in reshaping the Future business, diversifying our digital revenues, making our US operations profitable and building global digital brands.

“We have an on-going programme to reduce the cost base and improve margins. During the year we transformed our balance sheet, paying down term debt from the proceeds of non-core asset disposals and extending our credit facility until 2017. This leaves us well positioned to execute on our growth strategy.

Overall, these are good results after difficult trading conditions earlier in the year, thanks to stronger trading across all areas in the fourth quarter. Looking forward, we see the encouraging Q4 trends continuing with forward advertising bookings up year-on-year, and revenue momentum across all sectors.”

Read the full announcement here.

UK, London

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Experian completes acquisition of Passport Health Communications

November 22, 2013 — Fusion DigiNet

experianExperian, the global information services company, has completed the acquisition of Passport Health Communications.

Passport Health Communications is a  provider of data, analytics and software in the US healthcare payments market. The purchase price is $850 million. Revenues  are largely subscription based. In the year ending 31 December 2013, Passport Health is expected to generate revenue of US$121m, representing organic growth of 23%, and EBIT of US$30m. In the year ending 31 December 2014, Experian expects Passport Health revenue to reach approximately US$145m (of which 84% is already booked and contracted), with EBIT margins in the high twenties.

For more information see Experian acquires Passport Health Communications for $850M – posted on November 6, 2013.

Ireland, Dublin and UK, Nottingham

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DMGT – preliminary results for the year to September 2013

November 22, 2013 — Fusion DigiNet

Daily Mail and General Trust plc has announced the group’s unaudited preliminary results for the year ended 30 September 2013

DMGT results 2013

 

Click on the table for an enlarged view.

Highlights:

  • Underlying revenue up 2%
  • Underlying operating profit up 6%
  • Margin up to 17%
  • Adjusted profit before tax of £282m, up 10%
  • B2B; underlying revenue up 6% and underlying profit up 4%
  • dmg media performance; underlying revenue decline of 1%, with cost efficiencies driving underlying profit growth of 10%
  • Progress on the £100 million share buy back programme, £69 million to date
  • Net debt reduced by £40 million to £573 million
  • Net debt/EBITDA ratio of 1.5
  • Earnings per share* up 7% to 53.0p
  • Full year dividend increased by 7% to 19.2p

Martin Morgan, Chief Executive, said:

“DMGT has again delivered a good set of results. Group adjusted pre-tax profits* rose by 10% despite the disposal of Northcliffe Media at the end of the first quarter, reflecting good underlying profit growth from both our B2B and consumer operations. Our international B2B companies have increased their revenues and profits* by 6% and 4% respectively on an underlying# basis. Our UK consumer business, dmg media, grew its underlying# profits* by 10%, reflecting greater productivity as the business continues its digital transition.

We continued to refine and optimise our portfolio of businesses during the year with further strategic bolt-on acquisitions, notably within dmg information and Euromoney, and disposals, including Northcliffe Media and dmg media’s central and eastern European consumer assets. We believe these changes have improved the overall quality and growth prospects of the Group and we look forward to another year of good progress.”

Read the full announcement at the DMGT website

UK, London

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VML to acquire Biggs|Gilmore in the United States

November 20, 2013 — Fusion DigiNet

wppWPP‘’s wholly-owned global digital agency VML, which is part of the Y&R network, is to acquire Biggs|Gilmore Communications Inc., a digital advertising and marketing agency in the United States. The terms of the deal were not disclosed.

VML_Logo_TransparentFounded in 1973, Biggs|Gilmore’s unaudited revenue for the previous twelve months ended September 2013 was US $21 million. Biggs|Gilmore’s client list includes Kellogg, Kimberly-Clark, Foster Farms and Stryker, the medical equipment company. Headquartered in Kalamazoo, Michigan, with an office in Chicago, Biggs|Gilmore employs 140 people.

This is VML’s third transaction this year. In October, VML acquired IM2.0, a  digital advertising and media agency in China. In June, VML acquired a majority stake in NATIVE, the digital marketing agency in South Africa. 

UK, London & USA, Kalamazoo, MI

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Y&R acquires majority stake in Plasenta Conversation Agency, a Turkish social media agency

November 20, 2013 — Fusion DigiNet

wppWPP‘s wholly-owned operating company, Y&R, the global marketing communications network, has acquired a majority stake in Plasenta Conversation Agency, a social media agency based in Istanbul, Turkey. Terms of the deal were not disclosed.

Founded in 2011, Plasenta Conversation Agency specialises in social media monitoring and management and digital media projects for Turkish and international markets. The agency employs over 60 people and clients include Coca-Cola, Vodafone, and TEB BNP Paribas.

plasentaPlasenta Conversation Agency’s unaudited revenues for the year ended 31 December 2012 were TRY 3.5 million, with gross assets as at the same date of TRY 1.5 million. Unaudited revenues in the twelve months to September 2013 were TRY 7.3 million.

In Turkey itself, WPP companies (including associates) employ nearly 1,000 people, generating revenues of US$100 million. This is the fourth investment made by WPP in Turkey in the past two years.

UK, London & Turkey, Istanbul

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Chime completes the acquisition of JMI

November 20, 2013 — Fusion DigiNet

chime2Chime, the international communications & sports marketing group, has completed the acquisition of JMI, a global marketing firm focused on motorsports.  

Previous reporting (October 25, 2013) Chime Communications to acquire Just Marketing

Chime is paying a maximum consideration of $70.6 million (approximately £43.7 million). The acquisition will be part funded through a placing of 8,533,334 new ordinary shares to raise approximately £25.6 million. Chime today issued 3,287,899 new fully paid ordinary shares.  Chime shareholders approved the acquisition at a meeting on 14 November 2013. 

JMI is a global marketing firm focused on motor sports, operating primarily in Formula 1, NASCAR and IndyCar. JMI provides long-term sponsorship management and activation strategies, together with services including large-scale hospitality events, rights sales, and digital and experiential marketing initiatives.

UK, London & USA, Indianapolis

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Publicis acquires 75.1% of Walker Media

November 18, 2013 — Fusion DigiNet

walkermediaPublicis Groupe is to acquire 75.1% of UK based independent media agency Walker Media for £36 million. M&C Saatchi, the current owner, will retain a 24.9% shareholding. Clients include Marks & Spencer, Dixons Group, KFC, Halfords and Weetabix. Walker Media had gross assets of £49.1m as at 31 December 2012 and operating profit of £5.2m for the 12 months ended 31 December 2012. The deal is expected to complete on 27 November 2013.

Walker Media will become part of the ZenithOptimedia Group.

The Walker Media board will be comprised of:

  • Phil Georgiadis, Chairman, Walker Media
  • Simon Davis, CEO, Walker Media
  • Steve King, CEO, Worldwide, ZenithOptimedia
  • Adrian Sayliss, COO, Worldwide, ZenithOptimedia
  • David Kershaw, CEO, M&C Saatchi
  • Jamie Hewitt, Group Finance Director, M&C Saatchi

The new ZenithOptimedia Group in the UK will be comprised of: Zenith, Optimedia, ZenithOptimedia Worldwide, Walker Media, Performics (digital performance marketing), Newcast (branded content), Ninah (analytics) and Sponsorship Intelligence. The group employs around 500 people.

Steve King, CEO Worldwide, ZenithOptimedia said, “Walker Media is the biggest and most successful independent media agency in the UK and we are absolutely delighted to welcome them to the ZenithOptimedia family. The agency was built and developed on the principle of client centricity and its incredible success is testament to this. I have known Phil Georgiadis for many years and I couldn’t think of a better person to lead our new media network in the UK.”

France, Paris & UK, London

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ITE establishes a presence in China with the creation of Sinostar ITE Ltd

November 18, 2013 — Fusion DigiNet

ITEITE Group‘s wholly owned subsidiary, International Trade and Exhibitions Overseas Ltd, has  established a 50:50 Joint Venture (“Sinostar ITE“), with Hong Kong based Worldcoat Exhibitions Ltd.

As part of the transaction, Sinostar ITE has acquired the ChinaCoat / SF China exhibition from Sinostar International Ltd, a company controlled by Mr Raymond Ho, owner of Worldcoat. ITE’s investment in Sinostar ITE is c. £33m, financed out of the Group’s existing cash and bank facilities and is expected to be earnings enhancing in the current financial year.

The ChinaCoat / SF China exhibition serves the paints, coatings and surface finishing industries in China and the surrounding region. The exhibition is held in November each year and alternates between Shanghai and Guangzhou. The upcoming 2013 exhibition will be held in Shanghai, marking the 26th edition of this event, which is expected to sell more than 35,000m2 net and be attended by over 30,000 professional visitors. The 2012 event, which took place in Guangzhou, was 31,000 m2 net and had more than 28,000 visitors.

Out of the total consideration of c.£33m, c.£30m was paid on completion with the balance payable in June 2014 once Sinostar ITE’s results for the period ended 31 March 2014 are available.  The value of the gross assets being acquired is c. £33m. The total profits generated by the assets acquired by Sinostar ITE in the period ended 31 March 2013 was £6.5m.

The owner of Worldcoat and the current CEO of Sinostar International, Mr Raymond Ho, will become CEO of Sinostar ITE.

ITE’s Chief Executive Officer, Russell Taylor, commented, “ITE has taken an important step in building a business in China. I am delighted that the creation of Sinostar ITE, in partnership with Worldcoat, further increases our business presence in Asia. This move represents progress in achieving the Group’s aims to expand its territorial operations in markets with further potential for growth.

UK, London & Hong Kong

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A Squared Entertainment and Genius Brands International to merge

November 18, 2013 — Fusion DigiNet

genius brandsGenius Brands International and A Squared Entertainment are to merge to form an intellectual property and multimedia content creation and distribution company focused on branded “content with a purpose” for kids. The two companies will be consolidated under the Genius Brands International  banner.

Andy Heyward, formerly CEO of DIC Entertainment and Co-President of A Squared Entertainment, will assume the role of Chairman and CEO of Genius Brands International; Amy Moynihan Heyward, formerly Co-President of A Squared Entertainment, will serve as President. Klaus Moeller, currently CEO of Genius, will become Genius Brands Vice President of Special Markets, and will continue with the company as a member of its Board of Directors.

“This merger brings together complementary media companies that are dedicated to providing entertainment that is as enriching as it is entertaining for kids,” said Mr. Heyward. “Through this merger, we are creating the first multimedia IP creation and brand management company to exclusively provide value-driven content for kids, from infancy to their pre-teen years, in multiple formats around the world.”

The new Genius Brands International Board of Directors will consist of former California Governor Gray Davis; Jeff Weiss, President and COO of American Greetings Corporation Inc.; Lynne Segall, Publisher and Senior Vice President of The Hollywood Reporter; Will McDonough, Founding Partner of Atlas Merchant Capital, formerly a Partner at Goldman Sachs; and Bernard Cahill, co-founder of ROAR. Klaus Moeller, Andy Heyward, and Amy Moynihan Heyward, complete the Board of Directors.

“We have gathered an accomplished group of independent directors whose experience spans media, finance, governance, and kids entertainment to join our Board,” noted Ms. Moynihan Heyward. “Together with the existing expertise and resources within our two companies, the Board provides Genius Brands International with the talents of highly experienced individuals, knowledgeable in various diverse aspects of our business, who will help drive our growth.”

“A Squared, with its long-standing relationships throughout the international broadcast community, will be able to bring Genius Brands’ content to the global IP marketplace, on a much larger scale than we ever did before,” noted Moeller. “In turn, Genius Brands has well-established direct distribution channels for both multimedia content and consumer products in the U.S. that will enable the company to reach incremental consumers outside of the traditional broadcast and retail marketplace.”

Moeller continued, “Brands such as Stan Lee’s Mighty Seven and Warren Buffett’s Secret Millionaires Club greatly enhance the company’s portfolio and are just a few examples of the new products we will deliver.”

USA, Los Angeles, CA

 

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Sold sold to Dropbox

November 15, 2013 — Fusion DigiNet

soldAccording to an announcement on the Sold website, seven month old Sold has been acquired by Dropbox and has closed its service. The terms of the deal were not disclosed. The company was forecasting $1 million in annual revenue

Sold was a service and iOS/Android app that simplified selling online by taking over the whole process. They handled handled the selling, the shipping, and the payment.

Sold was backed will $1.2 million from investors. Advisors and investors included Google Ventures, Greylock Partners, Matrix Partners, Boston Seed, Dharmesh and MIT Media Lab.

The announcement

Hi, friends! We’re very excited to announce that Sold has joined Dropbox! As of today, our service will no longer be accepting new items.

We’d like to sincerely thank all of our loyal friends and customers who have helped us, supported us, and spread the love for us through this amazing endeavor. We started Sold to provide people with a service that took the burden of selling off their shoulders – by doing all the dirty work for them.

But even beyond that, we wanted to create something that affected people in a positive way. Something they had an emotional connection with. Something they trusted. After spending time with Drew and Arash, we decided that the move to Dropbox couldn’t be better – their roadmap includes exciting new experiences which align perfectly with our ethos of creating products that positively affect people. Going forward, the Sold team will continue working together to build these experiences, shaping the future of Dropbox for their 200M strong user base. It’s an opportunity too good to pass up.

We’re really excited for the new set of challenges ahead, and are absolutely dedicated to continuing to create great experiences.

If you’re a current user with items in the system, expect to hear from us with instructions on how to proceed and finish your transaction.

Thank you, thank you, thank you,

-The Team at Sold

USA, San Francisco, CA & Boston, MA

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