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Burst Media
- BY: Andrew Hore |
- POSTED: 16/12/2007 |
US-based online advertising group Burst Media continues to find trading tough.
Chief executive Jarvis Coffin says that Burst won’t meet market expectations for 2007. Turnover will rise 14% to $26.8m, however, adjusted EBITDA will more than halve to $1.1m. Retaining employees is difficult and Burst has had to pay them more to persuade them to stay. There should be at least $11.2m of cash at the end of 2007.
Burst Network is finding it particular tough, while the much newer affiliate website business Burst Direct is growing rapidly from a low base. Burst AdConductor has become one of the leading suppliers of ad management tools and appears to be an increasingly valuable part of the business.
The shares fell 2.125p to 8.625p. That is well below the April 2006 flotation price of 82p. Burst will undertake a strategic review of the business.
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