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'Profitable Revenue Growth' for PDM
In London, business information provider Progressive Digital Media (PDM) - which owns research firms The iD Factor and ICD Research - has reported group revenues of £18.3m for the six months to 31 October 2009, and says that over the calendar year 2009, it made a profit.
PDM is a content-based digital media business, which was formed in June 2009 through the reverse acquisition of TMN Plc. Four months of TMN revenues were included in the latest total, adding £4.2m. Comparisons with 2008 figures are muddied by the acquisitions - the latter exclude the results for both TMN and earlier buy SPG Media Group Plc, as these groups were acquired after 31 October 2008.
The new group's adjusted 6-month EBITDA figure showed a loss of £418,000, a third of the £1.25m loss the previous year, and the firm's statement says that on a calendar year basis for 2009 the group was profitable and recorded revenue growth - the current 6-month figures exclude the first four months and the last two months of 2009 which are historically the most profitable months of the year. The board also says results 'do not fully reflect the benefit of the investments, which we have made in our content, our product and in our sales platforms'.
Results for the period include £0.5m costs associated with the integration and restructuring of the group, which CEO Simon Pyper says are progressing ahead of schedule. He adds: 'While much has been achieved, we must continue our investment in headcount, content and delivery platforms if the group is to realise its full potential.'
The Board says that it is pleased with the integration of PDM with TMN, and that it is confident of the long-term prospects of the group.
Headquartered in London, with offices across the UK, US, India and Australia, the group is online at www.progressivedigitalmedia.com , while TMN is on the web at www.tmnplc.com .
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