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Pixel Interactive Media Ltd
- BY: Andrew Hore |
- POSTED: 13/03/2009 |
Pixel Interactive Media says that 2008 profit will be below expectations due to a fall in gross margins in China.
The Asia-focused online advertising services provider says that the group’s gross margin will be 28%, against 40.5% in 2007. The Chinese business was acquired in April 2007.
Pixel is still profitable at the operating level, although it will also have a $4.4m write-off relating to the acquisition of the Chinese affiliate marketing operations. Staff costs have been cut and new products are being launched.
Revenues will be in line with expectations.
Pixel says that it is still growing its market share in the region. A Vietnamese joint venture opened in September 2008.
Shares in Pixel fell 1p to 9.5p each, which values the company at £3.8m. Pixel says that it had $4.4m (£3.17m) of cash in the bank at the end of February 2009.
The 2008 results will be published on 20 April 2009.
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