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Upstream Marketing and Communications Inc

  • BY: Andrew Hore |
  • POSTED: 23/09/2008 |

Upstream Marketing and Communications moved into profit at the interim stage thanks to a gain on a disposal.

The Asia-based marketing services group sold Media Services Asia for $350,000 in cash. The profit on that sale helped Upstream swing from a loss of $727,000 to a profit of $331,000 in the six months to June 2008.

Revenues were boosted by a full contribution from the Australian business bought last year.

Upstream had net cash of $510,000 at the end of June 2008. There was a small outflow from operations but the disposal proceeds boosted the cash balance.

Upstream’s customers are based in the UK and Europe so it is difficult to assess whether they will continue to invest in Asia. The stronger markets in east Asia mean that there is a good chance that many of them will despite the problems in other markets.

At 2.75p a share, Upstream is valued at £3.78m. 

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