CORRECT: Immedia Earnings Slump -- Update
April 22 2016 - 6:35AM
Dow Jones News
("Immedia Earnings Slump -- Update," at 1129 GMT, misstated
terminology in the fourth paragraph. The correct version
follows:)
By Simon Zekaria
LONDON--Shares in Immedia Group PLC (IME.LN) fell sharply
Thursday after the provider of digital music, entertainment and
commerce services recorded a slump in earnings, hit by a tax charge
and a writedown.
Pretax profit for 2015 fell to 5,379 pounds ($7,715) from
GBP150,930 in the previous year. Revenue fell to GBP2.37 million
from GBP2.58 million.
The company said it recorded a deferred tax charge of GBP100,060
and said an adjustment of its investment in social media platform
company Audioboom Group PLC (BOOM.LN) resulted in a loss of
GBP352,200.
It said that its investment in Audioboom has been reclassified
as available for sale. Immedia wasn't immediately available to give
details.
Still, the company said it has a positive outlook.
"In the first three months of 2016, I have been extremely
encouraged by an unprecedented number of strong and relevant
opportunities who want to work with Immedia," said Chief Executive
Bruno Brookes
It said the current year has started well with contracts
including with sandwich chain Subway and telecommunications company
BT Group PLC (BT.A.LN).
At 0951 GMT, shares were down 10% at 22 pence, valuing the
company at GBP4 million.
--Write to Simon Zekaria at simon.zekaria@wsj.com
(END) Dow Jones Newswires
April 22, 2016 06:20 ET (10:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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