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Asia Digital Holdings

  • BY: Andrew Hore |
  • POSTED: 20/09/2009 |

Growth in Asian markets helped Asia Digital Holdings to offset the loss of a major customer in Australia.

The online advertising and marketing services provider says that its businesses in Singapore and India account for more than one-third of revenues compared with nothing two years ago. There is not as much competition in these markets as there is in a mature market such as the UK. Asia has the largest and fastest growing internet user base in the world. Asia Digital will move into other Asian markets - possibly through partners.

Revenues grew 28% to £8.6m in the six months to June 2009. The loss increased from £743,000 to £1.14m, which is due to spending on expanding the Asian operations. There was also a one-off charge of £90,000 relating a new IT system. The loss-making South African business has been offloaded.

The Australian operation has managed to replace the lost business. Australia is the largest part of the business but that may not still be true by the end of 2010.

There was £674,000 of cash in the bank at the end of June 2009. This figure is expected to increase to £800,000 by the end of 2009.

Asia Digital is on course to move into monthly profit before the end of 2009. House broker Daniel Stewart forecasts a profit of £100,000 in 2010, rising to £1.4m in 2010.

At 1.5p a share, Asia Digital is valued at £6.83m.

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