News blog
Pilat Media Global
- BY: Andrew Hore |
- POSTED: 04/09/2011 |
Decent figures from broadcast management software provider Pilat Media Global were overshadowed by its legal dispute with Fox TV in the US.
Fox wants to stop using Pilat Media’s IBMS system from 30 September 2011. Fox is also claiming damages of an unspecified amount in connection with alleged breaches of contract. Pilat Media says that Fox is in breach of agreements. Pilat Media has written-off the £2.82m owed by Fox. Management believes that the dispute could be settled in months rather than years.
Revenues rose 4% to £10.8m in the six months to June 2011, while pre-amortisation and impairment profit edged up from £1.02m to £1.05m.
Pilat Media had net cash of £4.7m at the end of June 2011 so even if Fox does not pay up the balance sheet is strong enough to cope. Cash should rise by the end of the year.
Sintec Media, which has previously made a bid for Pilat Media, is continuing to buy shares and it has taken its stake to 22.9%. The latest purchases are for more than the company’s bid per share for Pilat Media.
At 34p a share, Pilat Media is valued at £20.3m.
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