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Media Corporation
- BY: Andrew Hore |
- POSTED: 18/01/2010 |
Online advertising and internet portals operator Media Corporation returned to profit in the fourth quarter of 2009 helped by an initial contribution from Purple Lounge.
Media Corp acquired the internet gambling business on 13 October. Revenues in the last quarter of 2009 – the first quarter of Media Corp’s new year – jumped from £1m to £4.6m. A loss of £453,000 in the first quarter of 2008-09 was turned into a profit of £370,000. There is £2.3m in the bank. Management expects the company to continue to grow its profits this year.
Media Corp was also helped by Google lifting the penalty on 16 October 2009 on two of its web portals - gambling.com and creditcardexpert.co.uk. They lost more than half their gross profit contribution following the imposition of the penalty which affects the ranking of the sites in Google searches. The penalty was imposed in 2007.
Broker Astaire forecasts a loss of £1.8m for the year to September 2009, followed by a profit of £1.2m in 2009-10.
At 3.375p a share, up 0.7p on the day, Media Corp is valued at £9.03m. The shares are trading on nine times prospective earnings for 2009-10.
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