25 May 2012

Profits booming at Boomerang

24/02/2011 Miles Nolan

AIM quoted independent television company Boomerang Plus (BOOM) has reported a surge in interim profits thanks to strong demand for its services. As previously foreshadowed, Boomerang has now delivered a number of projects that had been delayed in 2010.

In the six months to 30 November sales soared 84 per cent to £16.3 million as pre-tax profits jumped 68 per cent to £790,000 - generating EPS of 6.1p. Of particular interest is the 47 per cent increase in cash and cash equivalents to £3.76 million, which equates to a massive 42p a share, compared to the current share price of 66p.

Boomerang increased its programming by 54 per cent to 659 hours. It is producing 'The Secret Supper Club' for Channel 4, a 10 part food and wine series with Olly Smith. Boomerang is also now in the second series of 'That Paralymic Show', a multi-platform magazine series introducing the London 2012 Paralympics.

Growth has been solid in Advertiser Funded Programming (AFP) with a wide range of big clients such as Red Bull, Nissan, Quiksilver and Sony. The acquisition of content production business Indus has proved a success with a number of new commissions including 'Arctic' with Bruce Parry. Boomerang continues to invest in its post production capabilities and now boasts 70 editing suites.

Due to spending cuts, S4C will have a lower programming budget but Boomerang is confident of its ability to thrive due to its diversification. We highlighted the attractions of Boomerang at 52.5p, in our 'Pick of Aim' column in Growth Company Investor this month. Given the cash pile and outlook the shares are still far too cheap. Buy.

Tags: AIM market, Cash pile, Growth Company awards, Profits growth

Sector: Media

Companies: Boomerang Plus

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