Pilat Media Global sees Q3 profits rise

Media software house Pilat Media Global saw its like-for-like three-month profits jump from £0.05m to £0.50m, although nine-month profit turned to a loss of £1.8m for the firm.

Nine month revenues were up 4.4% to £16.35m (2010: £15.67m), while third quarter revenues were up by 5.1% to £5.51m (2010: £5.25m).

Chairman Michael Rosenberg said: "Our Q3 revenues continued to grow on the back of increased demand from our existing client base, bringing the growth over the last nine months to over 4%.

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"We continue to make significant investment in improving and expanding our products and this in part has enabled revenues from our existing clients to increase."

The firm warned that while it is also engaged with a number of new potential projects, these are moving forward at a slower pace than it had envisaged and this will inevitably restrict growth for this year.

"The board expects the continued improvement the company has seen to date over the previous year to continue for the rest of this year though overall growth may be below the board's internal expectations but in line with market expectations due to delays in new project signings."

However, elsewhere it was good news for investors as the firm has settled its dispute with Fox Television Stations and will receive $850,000 (£544,000).

The share price rose 2.88% to 26.75p by 13:19.

NR