News blog
UBC Media
- BY: Andrew Hore |
- POSTED: 21/07/2008 |
- COMMENTS: Add yours
UBC Media reported a higher loss for the year to March 2008 but it will be a different business in a year’s time.
Revenues rose 17% to £15.5m while the reported loss increased from £723,000 to £2.89m. However, that includes a £1.99m write down on the capitalised development costs of digital music downloading service Cliq, which has been closed since the year end. There was also £1.17m spent on Cliq during the year. Stripping those out leaves a small profit last year.
Cliq has been closed and the commercial division is likely to be sold. That will leave the radio programme production business and the rump of the data and interactive business. Together they had revenues of £4m last year. This means that the company will be small for a quoted company and it will have to cover the costs of being quoted from a smaller base.
UBC shares dipped 0.125p to 7.75p following the results. That values the company at £14.9m. UBC has cash of £3.9m and expects to receive £11m for its commercial division, although that is still subject to contract. There could also be a further £5.5m payable depending on the commercial division’s performance.
Management will need to make a decision on what to do with this cash and how to move the business forward.
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