LONDON (Alliance News) - Digital audio content services company Immedia Group PLC on Wednesday said it swung to a pretax loss in the first half due to the fall in the value of one of its investments, but revenue was higher and helped its operating profit higher.
Immedia said it made a pretax loss of GBP144,392 in the half to the end of June, compared to a GBP258,886 profit made a year earlier. The loss was driven by the revaluation of its investment in audio-on-demand platform Audioboom Group PLC.
Operating profit, however, which strips out the effect of the Audioboom investment, was up to GBP96,035, nearly triple the GBP34,745 it made a year earlier, as revenue rose to GBP1.4 million from GBP1.3 million.
Immedia said it launched its new mobile communications platforms in the half, targeting retailers and corporate clients looking to engage employees, and secured a contract with BT Group PLC, under which Immedia will provide a live radio station for the telecommunications group's Openreach network engineers.
"We are continuing to add even more technical features to ensure a broad spectrum of interactivity with users. With its boundless reach, we believe this platform has enormous potential to deliver effective audience engagement solutions for global businesses and companies with a need to reach and communicate to its audiences with the use of interactive audio," said Bruno Brookes, Immedia's chief executive.
Shares in Immedia were up 3.3% to 17.05 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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