News blog

Porta Communications

  • BY: Andrew Hore |
  • POSTED: 02/10/2012 |

Porta Communications started to generate significant revenues in the first half of 2012 and subsequent acquisitions mean that Porta is on its way to achieving its aim of becoming a substantial marketing services business. 

There were revenues of £70,000 in the first half of 2011 and these have jumped to £1.69m in the first half of this financial year. Start-up costs and legal fees pushed up the loss from £436,000 to £1.15m but this is to be expected at this point in Porta’s development. There was net cash of £122,000 at the end of June 2012. This is net of a £500,000 loan convertible at 10p a share.

Newgate Communications only started to pitch for work at the beginning of 2012 and it has already won annualised business of £1.5m. Porta is looking at ways of expanding sports marketing consultancy Impact 34.

Since the end of June, Porta has acquired marketing services companies Twenty20 and Aim-quoted WFCA, the latter via an all share bid. Porta has achieved nearly 98% acceptances from WFCA shareholders. These two businesses will be merged and will work with media bartering start-up Newgate Trading.

Bob Morton has been appointed non-executive chairman following the acquisition of WFCA. This enables David Wright to concentrate on being chief executive of the group.

The litigation relating to Media Square continues but so far the news has been positive for Porta. Two-fifths of the value of the initial claim has been struck out.

At 5.25p a share, Porta is valued at £5.35m. The shares are trading at a 12 month low. The two men were on the board of marketing services company Incepta prior to its takeover.

The full benefits of the takeover activity and recently launched businesses will start to show through next year and the loss will decline.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds