Immedia Earnings Slump -- Update
April 21 2016 - 6:59AM
Dow Jones News
(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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