6 Jul 2011 07:00
06 July 2011
PIVOT ENTERTAINMENT CORPORATION PLC
("Pivot Entertainment" or "the Company" or "the Group")
6-Month Trading Update
Pivot Entertainment Corporation plc (AIM: PVT), a transatlantic media and entertainment company is pleased to provide a trading update for the 6 months to 31 May 2011.
For the unaudited period from 1 December 2010 to 31 May 2011, the Board believes that Group turnover has increased by nearly 11 percent, compared to the same period in the prior financial year. The increased turnover occurred in both New York and London.
Over this same 6-month period, EBITDA has improved by nearly £1,500,000, compared to the same period in the prior financial year as a result of new client engagements and discontinuing or disposing of certain loss making operations of the Group. In addition to continuing to work with its normal base of clients in theatre and film, the Group is pleased to have developed 24 new high profile client relationships.
Pivot Entertainment will announce its unaudited interim results for the six months ended 31 May 2011 during the week commencing 22 August 2011.
Commenting, Chief Executive of Pivot Entertainment, Jeremy Barbera, said:
"We are very pleased with the progress made by the Group during the past six months. The board of Pivot has now completed our goal of reshaping the business into a highly focused transatlantic media and entertainment company. Our executives have also secured a number of new key contracts, increasing turnover and profitability, and we look forward to building on this success throughout the rest of the year."
-End-
Enquiries:
Pivot Entertainment Corporation Plc
Jeremy Barbera/David Stoller/ Shirley Stapleton Tel: +44 20 79930000
Seymour Pierce Limited
Stewart Dickson /Tom Sheldon (Corporate Finance) Tel: +44 20 71078000
Katie Ratner (Corporate Broking)
Bishopsgate Communications Limited
Deepali Schneider/Natalie Quinn Tel: +44 20 75623350
pivotentertainment@bishopsgatecommunications.com