25 May 2012

Interim turnaround at Media Corp 

26/05/2010 Robert Tyerman

Media and online gaming concern Media Corporation has turned last year’s £898,000 first half loss into £157,000 pre-tax profits.

The acquisitive AIM-quoted company, steered by entrepreneurial chief executive officer Justin Drummond, lifted turnover fivefold to £10.3 million in the six months to March, chiefly thanks to the acquisition of profitable on-line casino and poker concern Purple Lounge. Media Corp’s own advertising network business grew 36 per cent organically.

Drummond, who raised £870,000 for the company from a single investor earlier this year, says second half trading started strongly. The shares, which rose from a 0.65p low to 3.83p at one point this year, now change hands at 2.8p, valuing the company at £7.9 million, and should prove a lively market.

Tags: AIM, Fundraisings, Mergers & acquisitions, Turnaround

Sector: Software & Computer Services

Companies: Media Corporation

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