Cardiff-based Boomerang Plus more than doubled its interim turnover and profits.
Boomerang’s turnover rose from £5.08m to £10.75m in the six months to November 2007. Reported profits were flat at £344,000 but that was after Aim flotation costs of £592,000. The underlying profits were 159% higher. There was a cash outflow during the period but that was a timing issue. Large prepayments for TV programmes were received before the end of the previous financial year.
Around four-fifths of revenues are generated by contracts with Welsh language channel S4C. This gives good revenue visibility.
Boomerang wants to be a consolidator in the sector and widen its customer base. It already produces programming for the BBC and Channel 4. It is also considering geographic expansion.
Boomerang joined Aim on 5 November 2007 via a placing that raised £3m at 158p a share. The shares rose 1.5p to 183.5p after the results were announced.
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