Boomerang Plus, the media company with interests in TV and radio production and talent management, maintained revenues and pre-tax profits through 2011 despite seeing reduced funding for the S4C Welsh language TV channel.
The company ended 2011 with revenues at £15.99m compared to £16.29m in 2010. Earnings before interest, tax, depreciation and amortisation rose 10.6% to £0.95m while profits before tax were £0.71m, down from £0.79m in 2010.
The resilience of revenues, and recent acquisitions, appear to have boosted investor confidence with the stock rising 20% in morning trading.
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Huw Eurig Davies, Chief Executive Officer, commented: "The acquisition of Oxford Scientific Films has accelerated strong growth in our network as we continue to diversify the Group's customer base and widen its intellectual product base. This will continue to offset the impact of reduced funding for S4C".
The rise in the share price today has not, however, reversed the long term decline of Boomerang. Over the last 12 months the company has lost 19% of its value. Over the last five years the shares are down 71%.
BS
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