Progressive Digital rises despite reporting loss

Progressive Digital Media Group has reported a loss before tax for the full year ended December 31st despite a 13% rise in revenue.

Losses widened from £4.6m in 2010 to £7.9m in 2011, which included a non-cash impairment charge of £9.4m. Revenues were up from £48m to £54.4m.

Chief executive officer Mark Meek said: "These are a strong set of results, delivered during a period of substantial change and investment. We are beginning to benefit from the significant investments in business information content, staff and delivery platforms and to reap rewards from the efficiencies we have achieved through the introduction and integration of common processes and systems.

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"Current trading is in line with expectations and we expect to make further progress during the remainder of 2012. Whilst the economic climate remains unpredictable, we are confident that we are well placed to not only benefit from any cyclical upturn, but more importantly, also from the investment we have made in our people, our content and our delivery platforms.

"The group is now focused on the business information market and we believe that this strategy will be a major accelerator of growth in 2012 and in future years."

Cash rose from -£6.2m to £0.96m.

Shares rose 2.54% to 15.12p by 14:35.

NR