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Ten Alps

Companies: TAL   
19/12/2002

Minnow media play Ten Alps, famed for its founder and shareholder Bob Geldof, shed 0.5p at 14.5p, despite boasting of awards and contracts in its TV division. Its Brook Lapping arm has been nominated for 2 awards in the Broadcast Awards 2003 and has signed new deals with C4, Animal Planet and Channel 5. Since its acquisition last month, it has clinched an impressive £1.5m in new deals. Chief executive Alex Connock says the radio arm has topped previous year figures for commissioned programmes from BBC Radio 2. Despite all this good news, recent interims to September showed bottom line profits falling to £6,000 from £94,000 on a 44% sales hike to £5.42m. TV politician griller and chairman Brian Walden flagged up the group's potentially earnings enhancing acquisitions. Ten Alps has £3.4m of goodwill to amortise over 10 years, and a mere £190,000 was charged in the first half. Less prudent profit barometer EBITDA trekked ahead 48% to £235,000. Named Ten Alps because of Geldof and Connock's history with Planet 24 (its almost planet in reverse), the firm was formed through the reverse takeover of Osprey Communications back in summer 2001.

Market cap: £6.4m
PE Forecast: 10.7
Share price: 14.5p

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