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Media Corporation

  • BY: Andrew Hore |
  • POSTED: 01/04/2009 |

Media Corporation managed to publish its 2007-08 figures just in time to prevent the shares being suspended.

The results were published after the market closed on 31 March. The shares fell 0.5p to 1.375p each on the following day, valuing the company at £3.65m. Net cash was £3.81m at the end of September 2008. The net asset value is £7.89m, or £3.33m excluding intangible assets.

Revenues from continuing operations were flat at £3.9m. Media Corp swung from a profit of £3.02m to a loss of £11.2m in the year to September 2008. That figure includes net exceptional charges of £8.9m, mainly due to asset write downs. Stripping out the previous year’s disposal gain the underlying swing was from a profit of £506,000 to a loss of £2.31m.

The online advertising business has won a contract to sell advertising on Express Newspapers websites.

Media Corp’s main website portal has been hit by the US online gambling ban.

Cost reductions should help Media Corp reduce its loss this year. 

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