News blog
UBC Media
- BY: Andrew Hore |
- POSTED: 21/07/2010 |
- COMMENTS: Add yours
UBC Media is trading in line with expectations so far this year.
UBC has already stated that the early release from its multiplex spectrum contracts will provide it with a one-off gain this year. Along with the £136,000 sale of UBC’s 7.5% stake in regional multiplex operator MXR to Guardian Media Group, which released £400,000 of provisions, the deal will boost profits by £1m.
However, UBC had to pay £2.2m to Bauer to release itself from contracts that would have cost £3.1m. The profit involves the release of provisions and does not involve a cash inflow other than from the stake sale to GMG.
There are no more legacy issues and UBC can focus on its other operations, including iPhone apps.
Demand is growing for iPhone apps. Nearly 4% of talkSPORT’s listeners downloaded the station’s app in the first eight weeks of its release. Two-fifths of these people are using it at least once a week.
UBC has advertising on its app network and has completed iPhone apps for Tourism Australia and Mercedes Benz. UBC has a gained a contract with GMG Radio to provide iTunes Tagging functionality to its 12 UK radio stations.
UBC has taken an 18% stake in Audioboo, whose technology enables recording of high quality audio from any location. This technology can be use in radio station iPhone applications.
Continuing revenues rose from £3.53m to £4.94m in the year to Mach 2010. The loss was reduced from £705,000 to £445,000.
There was £8.4m in cash at the end of March 2010. The £2.2m payment came after this date.
At 5.25p a share, UBC is valued at £10.3m.
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