News blog
Electric Word
- BY: Andrew Hore |
- POSTED: 21/02/2008 |
Both the education and sport divisions of information publisher Electric Word grew last year.
Turnover rose from £10.7m to £13.5m in the year to November 2007. That was partly due to a full year’s contribution from e-commerce operation Incentive Plus but there was organic growth by other businesses. Profits before goodwill and exceptional costs rose from £900,000 to £1.2m.
The Educational business focused on its most important operations so although its revenues were flat, profits were higher. Incentive Plus moved to a new warehouse in Milton Keynes during the summer. Speechmark Publishing, which was acquired for £2m in October, has already been relocated to Milton Keynes. It produces books for speech therapists and special needs professionals.
Electric Word increased its stake in MyChild magazine from 10% to 50.1% at the end of last November. That means that it didn’t have much effect on these figures. It did add £2m to deferred revenues on the balance sheet. A MyChild branded range of products is being developed.
The sport division continues to do well from publications commissioned by cities trying to win the Olympic Games or other events. Even the online gaming magazine interests did well. Revenues increased even though the sector was hit by US regulation near the end of 2006.
Net debt was £930,000 at the end of November 2007. There is still room for some more add-on acquisitions.
The shares rose 0.5p to 6.875p, valuing the company at £9.8m.
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