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Burst Media
- BY: Andrew Hore |
- POSTED: 01/04/2008 |
US-based online advertising group Burst Media believes it is well-placed to recover in 2008.
Burst reported 2007 EBITDA of $1.4m, down from $2.4m, but that was still much higher than the $1.1m indicated in its December trading statement. Revenues grew 14% to $27.1m.
The core online advertising business, Burst Network, generated lower revenues and its disappointing performance was behind the decline in profitability. The newer, performance–related business Burst Direct almost quadrupled its revenues to $1.9m while the technology business Burst AdConductor tripled its revenues to $3.3m.
Burst believes that the increasing value placed on niche websites is good news for the company. Chief executive Jarvis Coffin says he believes 2008 will be “a strong year for Burst”.
Burst has cash of $12.6m, which is almost the equivalent of its market capitalisation of £6.85m at 8.5p a share.
Portico Capital Securities has been appointed to review how management can maximise the value of Burst.
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