BOOM Audioboom Group Plc

(Rewrites, adds detail.)

By Simon Zekaria

LONDON--Shares in Immedia Group PLC (IME.LN) fell sharply Thursday after the provider of digital music, entertainment and commerce services recorded a slump in earnings, hit by a tax charge and a writedown.

Pretax profit for 2015 fell to 5,379 pounds ($7,715) from GBP150,930 in the previous year. Revenue fell to GBP2.37 million from GBP2.58 million.

The company said it recorded a deferred tax charge of GBP100,060 and said an adjustment of its investment in social media platform company Audioboom Group PLC (BOOM.LN) resulted in a loss of GBP352,200.

It said that its investment in Audioboom is now for sale. Immedia wasn't immediately available to give details.

Still, the company said it has a positive outlook.

"In the first three months of 2016, I have been extremely encouraged by an unprecedented number of strong and relevant opportunities who want to work with Immedia," said Chief Executive Bruno Brookes

It said the current year has started well with contracts including with sandwich chain Subway and telecommunications company BT Group PLC (BT.A.LN).

At 0951 GMT, shares were down 10% at 22 pence, valuing the company at GBP4 million.

 
--Write to Simon Zekaria at simon.zekaria@wsj.com 
 

(END) Dow Jones Newswires

April 21, 2016 06:44 ET (10:44 GMT)

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