News blog
Pixel Interactive Media
- BY: Andrew Hore |
- POSTED: 26/04/2009 |
Pixel Interactive Media was hit by the weak Chinese online affiliate marketing sector but still managed to grow its revenues in 2008.
The Asia-focused online advertising services provider no longer serves this market and that led to $4.64m of intangible assets being written off. That led to a swing from a 2007 profit of $1.52m to a 2008 loss of $3.95m. Revenues grew from $13m to $19.6m as newer markets such as Malaysia, Vietnam and Singapore made bigger contributions. The original Hong Kong business is also growing.
Pixel is concentrating on brand advertising and it has exited the affiliate marketing sector. China is the fastest growing market for internet advertising in the world. Pixel has started a new division called Adsfactor, which focuses on smaller websites.
Pixel is confident that it can grow its revenues in 2009.
At 7.5p a share, Pixel is valued at £3m. There is cash in the bank of $5.18m - equivalent to £3.5m.
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