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MEDIA CORP PRESENTS ITS SIX MONTH FINANCIAL RESULTS
12th May, 2011 at 07:39:13
Sale of Gambling.com doubled the Group's cash balance
London-based advertising network and gaming operator, Media Corporation Plc (Media Corp) announced its six months ended 31 March 2011 results this week.
Financial highlights include:
- Revenues of £ 13.3 million (2010: £ 9.9 million*)
- Gross profit of £ 2.6 million (2010: £ 2.6 million*)
- Loss before tax of £ 437,000 (2010: loss £ 241,000*)
- Operating Profit of £ 80,000 in March 2011
- Cash of £1.5 million (March 2010: £2.3 million) enhanced by a further £ 1.5 million in April from the sale of Gambling.com
- Purple Lounge achieved the milestone of 100,000 registered customers
- £1 million contract with Express Newspapers signed by wholly owned subsidiary, Eyeconomy Limited
* The comparative figures presented are for the six months ended 31 March 2010 and the year ended 30 September 2010
Justin Drummond, CEO of Media Corp said: "The Group has continued to make progress during the first half of the year having grown revenues significantly once more. The sale of Gambling.com was completed in April 2011 for £ 1.5 million doubling the Group's cash balances."
Gambling.com was sold to a UK affiliate marketing company, KAX Media who runs the WSN.com sports betting portal.
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