TV programmes producer Boomerang Plus had a bumper first half to its financial year.
Two large projects that were expected last year slipped into the first half of this year, helping Boomerang Plus to produce an 84% increase in revenue to £16.3m in the six months to November 2010. A full six month contribution from Indus Films – acquired in October 2009 – also boosted the growth. Profit improved from £470,000 to £788,000.
Net debt was £2.4m at the end of November 2010.
Nationally broadcast programmes are increasing in importance. Recent series include Bruce Parry’s programme on the Arctic and The Secret Supper Club. Advertiser funded programming is a growing area, with Red Bull and Sony included in Boomerang Plus’ clients in this area.
Changes to Welsh channel S4C provide some uncertainty for Boomerang Plus even though it has been reducing the percentage of revenues from this source. S4C’s budget is going to reduce and it appears that it will end up under the management of the BBC.
Boomerang Plus wants to continue to diversify its customer base so it is even less dependent on S4C. TV production companies with their own IP are particularly attractive purchases and Boomerang Plus is keen on programming that can have a global audience.
At 67.25p a share, Boomerang Plus is valued at £6m.
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