LONDON, March 23 /PRNewswire/ --
- Significant EBITDA Growth Underlines Strong Trading Performance
Publishing Technology plc (PTO.L), the leading provider of information technology tools and services to international book and academic publishers, is pleased to announce its audited results for the year ended 31 December 2008.
The company's software is used across the publishing industry for an array of functions, such as royalties' management (including for authors such as JK Rowling) and last year it launched Inspire, the first ever 'itunes' type software for internet book downloads.
- Group EBITDA of GBP0.9m
- Positive trading cash flow from business units
- High recurring contract renewals and customer increase
- A continuing reduction in overheads;
- Expansion into Germany and Brazil
- Solid platform for further growth in rapidly-changing market
Publishing Technology recorded strong growth in revenues and profits based on a comparison with annualised 2007 results (the actual 2007 results covered an 18 month period as a result of the reverse acquisition of Ingenta plc by Vista International Limited, which created Publishing Technology):
- Annual revenues were up 7% at GBP15.4 million
- EBITDA was up over GBP1m at GBP0.9m
- Gross profit was up 32.2% at GBP6.1 million
- Adjusted profit before tax was GBP0.6 million
Last year, the Company launched a prototype of IngentaConnect Mobile, which is intended to be fully operational during Q2/2009, to capitalise on the strengthening trend of mobile technology being used to deliver publisher content.
Significant progress has been made in delivering new products, including:
- The implementation of the Company's proprietary Information Commerce Software (ICS) at the British Medical Journal (BMJ)
- A new sales, marketing and circulation management contract with US-based BioOne, which will generate revenue for the Company of $1m per annum
- The sale of the Company's first new publisher software for Contract, Rights and Royalty management
- Launches of pub2web online portals
In 2009, Publishing Technology has expanded into new markets. In Brazil, the Company represents BioOne, Nature and other publishers, and in Germany the Company has formed an alliance with a significant provider of software and services.
George Lossius, Chief Executive of Publishing Technology, commented:
Publishing Technology, with its client list of over 400 publishers, is uniquely positioned to support publishers with a global, consistent, end-to-end service across the breadth of the publishing supply chain, helping them to minimise costs and maximise revenues.
Richard Evans - Tel: +44-(0)20-7630-1411 / +44-(0)7751-087-291