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Independent Media defies ad slump
Thu, 09 Sep, 2010
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Independent Media defies ad slump
Fri, 12 Mar 2010, 14:20:00
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Related Market Prices
Name
Value
Percent
Change
Independent Media Distribution
61.50p
+9.76%
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TV and Radio advertising distributor <b>Independent Media Distribution</b> enjoyed a record year in 2009, pumping profits up by 50% as the international business took off. Normalised profit before tax increased to £1.68m from £1.12m in 2008 on revenue up 9% to £8.08m. Overseas trade surged by 366% to £1.4m from just £0.3m last time. Chairman David Haynes called the numbers "remarkable" and said the firm's strong financial position and cash generation meant expansion plans were unhindered by the recession. "The group's bespoke technology and strong market position will enable it to continue to expand at a low cost while the possibility of earnings-enhancing acquisitions is also an attractive feature," reckons Charles Stanley. The broker raises its 2010 revenue forecasts by 15% to £10m and profit expectations by 22% to £2.2m. It's pencilled in revenue of £11.1m for 2011, up 16% on its last estimate, while profit should come in at about £2.6m. It says 'buy' and ups its target price by 10p to 70p. Business has continued to improve at the start of 2010. "Our revenues in the first two months of the new financial year are in line with management expectations and up 21% compared with last year," said Haynes "We are seeing growth in every area of our operations and our international businesses continue to perform very strongly. UK Radio has been delivering good growth since the last quarter of 2009." Bosses have decided to pay a second interim dividend of 0.7p a share, making a total of 1.2p for the year.
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