Business Intelligence Revenue Drives PDM Growth

UK research and marketing solutions firm Progressive Digital Media (PDM) has reported a12.5% increase in first half revenue in its Business Intelligence division, which includes research agencies IDC and the iD Factor.

London-based PDM was formed three years ago through the reverse acquisition of online marketing services group TMN Plc. Its research agencies ICD and the iD Factor have since been integrated into soft drink and alcohol consultancy Canadean, acquired by PDM in 2010, and earlier this month were joined by newly acquired public sector intelligence specialist Kable.

Business Intelligence revenues rose to £13.5m during the first half of the year, from £12.0m in the prior year period. The division's revenues account for 52.1% of group revenue, compared with 47.6% last year.

Chairman Mike Danson (pictured) comments: '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. 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.'

During the period, group revenue - which also includes the Events and Marketing business units - increased by 2.8% to £25.9m (2011: £25.2m), and profit before tax was £2.0m, compared with £1.2m in the first half of 2011.

In April, the company completed a £20m share placement, funds from which are earmarked for further acquisitions.

Web site: www.progressivedigitalmedia.com .