LONDON (Alliance News) - Litebulb Group Ltd expressed confidence that it will deliver further growth in 2014 and a move into profitability, as it integrated acquisitions and won new clients during the eighteen months ended December 31, 2013.
Litebulb is a brand and product development specialist.
The company changed its accounting date to December 31 from June 30, meaning its results cover 18 months, although it also provided comparisons for the twelve month periods.
Litebulb posted a pretax loss of GBP1.2 million for 2013, compared to a pretax loss of GBP1.5 million in the year ended June 30, 2012. Revenue rose to GBP8.1 million from GBP621,244.
However this rise in revenue was offset by higher administrative expenses of GBP4.0 million, up from GBP1.5 million, and it posted costs from its acquisition of Bluw Group Ltd and Meld Group Ltd during the year.
The company won ten new clients during the year including Disney EMEA, Nickelodeon and Merlin Entertainments PLC, and won new licence deals for National Geographic and Star Wars. It also signed a three year deal to produce a range of Mary Berry cooking products, which it will launch in spring 2014.
In a separate statement Wednesday Litebulb said it had entered into a share purchase agreement to acquire consumer products company Go Entertainment Group Ltd for GBP500,000 and 182.0 million shares.
The company said it expects the acquisition to enhance its sales over the next twelve months. Go Entertainment posted revenue of GBP9.0 million for the year ended March 31, 2013, and pretax profit of GBP538,000.
Litebulb intends to raise capital through the issue of GBP2 million secured convertible loan notes. Both the acquisition and the capital raise are conditional to shareholder approval.
The company said it would continue to actively seek strategic acquisition targets to help provide it with scale.
Shares in Litebulb were trading down 3.9% at 0.951 pence Wednesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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