Avanti Screenmedia Group plc (AIM: ASG.L) announced its interim results for the six months ended 31st December 2008 yesterday and there are some nice headline figures in the results…
- Booked advertising sales increased by 15%*
- Revenue for the 6 months ended 31st December 2008 was GBP 2.39 million – albeit a slight decline of 9.5% on the 2007 figure of GBP 2.64 million)
There was still an overall operating Loss for the period of GBP 1.63 million but when you think that several years ago this was approx GBP 7 million, at least they are moving in the right direction.
Simon Rees, CEO told us “Despite the very challenging conditions within the wider economy and the advertising sector in particular, Avanti has continued to win contracts with new and existing clients. Innovation and new initiatives continue to be cornerstones of the Company’s strategy as we strive to put Avanti at the forefront of the digital media sector”
The results also made mention of new account wins with Queens Arcade, Cardiff which we had previously written about and a new win with the Sizzling Pub Company branded outlets owned by Mitchells & Butlers (Avanti already operate a network of digital screens within 71 ‘Scream’ pubs owned by M&B).
Interesting to note that Neo Media Group SA now holds 29.98 per cent of the Company’s issued share capital and a further GBP 1.40m of Convertible Loans.
*Avanti has successfully grown its year-on-year advertising revenues from national brands by 15% for the period, against a total market advertising decline of 7%**.
** source : Media Week