News blog
Media Corporation
- BY: Andrew Hore |
- POSTED: 17/11/2010 |
Online gaming and advertising services provider Media Corporation reduced its loss in the year to September 2010 thanks to a significant contribution from Purple Lounge.
The online gaming business was acquired in October 2009. A large chunk of the improvement in revenues from £3.5m to £25.6m comes from Purple Lounge, which is profitable and has more than 100,000 customers. The advertising firm Eyeconomy is also profitable.
Increased marketing and technology costs stopped Media Corp from moving into profit for the full year but the marketing has helped to add players which will boost longer-term revenues.
Portals, such as Gambling.com, had been hit by being removed from the Google search rankings in 2007. They were allowed by Google to return in October 2009 and Gambling.com has regained its top place in its part of the rankings.
Cash balances have improved from £1.7m to £2.2m.
The new financial year has started well and this will, hopefully benefit further from the main sites having a full year in the Google search rankings.
At 2.33p a share, Media Corp is valued at £7.87m.
Download the November edition of AIM Journal at http://www.hubinvest.com/AIMPDFNovember2010_14.pdf
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