Media Corporation Plc
("Media Corp" or the "Group")
Unaudited full year trading update
The Board of Media Corp, a leading advertising network and online gaming Group, is pleased to announce a trading update for the period ended 30th September 2011. The Group's full audited accounts are expected to be released in December 2011.
Despite challenging market conditions the Group has continued to grow its top line revenues with particularly strong growth in Eyeconomy. Unaudited group revenues are up 46% and gross profit up 16%. On a like for like basis before exceptional items we expect losses to reduce compared to 2010. As mentioned at the time of the sale of Gambling.com, there will be a one off exceptional accounting loss for the year following this sale which will see the Group's loss increase by approximately £1.1m.
Unaudited Financial Highlights
Justin Drummond, CEO of Media Corp, commented:
"This is a pleasing performance for the financial year as the turnaround continues in key areas of the Group. Eyeconomy has experienced strong growth across all of its business divisions in 2011. Growth should continue as we add new publishers and advertisers to Eyeconomy's fast growing advertising network.
Purple Lounge has had another strong year against industry wide declines in online gaming revenues. The Group is continuing to successfully test a number of innovative online marketing techniques which the Directors believe will significantly increase customer signups, active players and revenues in the coming months.
We continue to explore earnings enhancing acquisitions and look forward to providing further updates as and when appropriate".
|Media Corporation Plc||Tel: +44 20 7618 9000|
|Justin Drummond - CEO|
|Nilesh Jagatia - Group Finance Director|
|Northland Capital Partners Limited||Tel: + 44 20 7796 8800|
|Luke Cairns / Rod Venables (Nomad)|
|Katie Shelton (Joint Broker)|
|XCAP Securities||Tel: + 44 20 7101 7070|
|John Grant / Karen Kelly (Joint Broker)|
|Bishopsgate Communications||Tel: + 44 20 7562 3350|
|Deepali Schneider / Natalie Quinn|
Notes to editors:
Quoted on the AIM market of the London Stock Exchange, Media Corp is a leading online gaming and media group.
The Group has two principal divisions:
Online Gaming - Media owns Purple Lounge, www.purplelounge.com a leading European online poker casino operator. With over a 120,000 registered customers, Purple Lounge provides an excellent user experience through a combination of the latest technology and best in class customer service.
Advertising Network - 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
Further information can be found on the company's website, at www.mediacorpplc.com
Copyright Business Wire 2011