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Media Square

  • BY: Andrew Hore |
  • POSTED: 02/06/2009 |

Media Square continued its profit recovery in the year to February 2009.

The share price jumped 4.25p to 13p, which values the marketing services company at £4.19m. Stripping out advanced payments of £4.3m, the underlying net debt was £13.4m at the end of February 2009. That is significantly lower than the net debt of £17.1m at the end of the first half.

Revenues fell from £68m to £64m and a loss of £17.2m was turned into a profit of £456,000 in the year to February 2009. Stripping out exceptionals, there was a swing from an underlying loss of £862,000 to a profit of £464,000.

Management has successfully reduced central costs and expects another reduction this year. The advertising division reported a lower contribution before central costs, while the marketing and design divisions improve their contributions.

Chairman Roger Parry says that the problems caused by the past rapid acquisitive expansion have nearly all been sorted out.

Revenues are likely to fall again this year but costs will also decline. 

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