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Burst Media

  • BY: Andrew Hore |
  • POSTED: 08/04/2009 |

Online advertising services provider Burst Media remains cash rich but it expects 2009 to be challenging.

Revenues were flat at $27.3m in 2008, while a pre-tax profit of $650,000 was turned into a loss of $201,00. Stripping out the $283,000 spent on assessing strategic options and share based payments of $192,000 the underlying profit was $274,000. This figure does not include around $1m of capitalised development spending.

Shares in Burst fell 0.125p to 5.5p each, which values the company at £4.03m. There is cash in the bank of $10.6m and the net asset value is $20.5m. Since the year end Burst has bought back $497,000 of shares.

The strongest part of the business is the adConductor technology division where revenues increased 41% to $4.7m. Burst Network revenues were hit by delayed brand advertising in the fourth quarter of 2008.

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