News blog
Pilat Media Global
- BY: Andrew Hore |
- POSTED: 05/06/2012 |
Pilat Media Global reported a first quarter profit in 2012 and demand is growing from existing clients.
The first quarter is normally weak for the broadcast management software provider so any profit in the period is positive. There was no contribution from Fox following the settlement of the dispute at the end of 2011 and no repeat of a £454,000 Oracle software sale in the first quarter of 2011 so this makes the performance even more impressive. That was why revenues were flat at £5.05m. Oracle revenues were low margin so a loss of £190,000 was turned into a profit of £11,000. Operating costs were lower.
Two significant contracts are due to be signed in the near future. Initial work has commenced.
Pilat is upgrading existing clients to new technology platforms. Research and development spending increased 7% to £822,000.
Pilat is considering what to do with its cash. Net cash was £7.1m at the end of March 2012.
Eurocom Investments increased its stake in Pilat to just short of 24% after it acquired 1.3m shares at 26p each. Most of the shares were sold by directors after they had taken up options. Pilat non-executive Alex Rabinovitch owns 49.9% of Eurocom, and another non-exec, Or Elovitch, is a director of Eurocom Group.
Pilat has been the subject of a bid in the past and it is looking for acquisitions to broaden the geographic and product range, as well as adding new customers.
At 28p a share, Pilat is valued at £17.3m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf
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