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25 Jul 2011 07:00
25 July 2011
Boomerang Plus plc
('Boomerang' or 'the Group')
Trading update
Boomerang Plus plc (AIM: BOOM.L), a profitable media investment group, announces an update on trading ahead of the publication of its preliminary results for the year to 31 May 2011.
In its interim results announcement released on 24 February 2011, the Group highlighted that trading in the current financial year ending 31 May 2011 was expected to be considerably first half weighted. However, the Group has had a busier than anticipated second half with organic growth both in network and AFP programming, together with the acquisition of Indus, all contributing to further growth in turnover and profits.
The Group's financial position remains strong with significant positive net cash reserves. The Group's success in securing new contracts, track-record on recommissions, the recent acquisition of Oxford Scientific, the investment into Harlequin Talent Agency, together with further growth in AFP programming, has contributed to a strong start to the new financial year.
The Group expects to announce its preliminary results in the latter half of September 2011.
Huw Eurig Davies, Chief Executive Officer of Boomerang, commented:
"Boomerang's encouraging momentum continues, with strong revenue performance during the period and good visibility over future revenues. Organic growth, particularly in AFP, the recent acquisition of Oxford Scientific Films and investment into Harlequin Talent Agency have all contributed to diversifying the Group's customer base and widening its intellectual property base. We continue to look for additional acquisitions to complement our existing businesses."
Contacts:
Boomerang Plus plc | Tel : 029 2055 0550 |
Huw Eurig Davies, Chief Executive Officer | |
Mark Fenwick, Finance Director
finnCap Limited Geoff Nash/ Charlotte Stranner Simon Starr/ Victoria Bates (broking) |
Tel: 020 7600 1658 |
Walbrook PR Ltd | Tel: +44 (0)20 7933 8780 |
Paul McManus | paul.mcmanus@walbrookpr.com |
Paul Cornelius | paul.cornelius@walbrookpr.com |
About Boomerang Plus plc (www.boomerang.co.uk)
Boomerang Plus plc has strategic investments in a number of media businesses including production companies Alfresco, Apollo, Boomerang, Bulb, Fflic, Indus, and Oxford Scientific Films; Facilities companies Mwnci and Zoom; multi-media publisher Boom Extreme Publishing; talent companies Harlequin and Boom Talent; Event company Big Freeze Limited, and Education and corporate production business Media4.
Boomerang Plus's strategy is to continue to acquire and invest in and develop media companies that complement the Group's existing businesses, whilst also achieving strong organic growth.
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