LONDON, August 21 /PRNewswire/ --
- Improved Profitability and Performance Across the Group
Publishing Technology plc (LSE: PTO), the leading provider of online systems, management software and consulting services to trade and academic, journal and book publishers, has today announced its unaudited interim results for the six months to June 30, 2008.
- Revenues up 10% to GBP7.3m (2007:GBP6.6m) - PBT (before amortisation) of GBP0.1m, comparing favourably to losses in prior periods. - Half year EBITDA GBP0.3m - Trading cash positive Integration strategy bearing fruit - Significant new business wins - Recurring revenues account for over 65% of total revenue - Sales of new products have exceeded forecast Positive outlook - Business units performing in line with expectations - Improving cash and balance sheet - Strong organic growth - no slow down in market activity - Declining trend of indebtedness
George Lossius, Chief Executive, commented:
"This year's interims reflect continued strong progress across the group's business divisions, which all performed well over the first half and I am very pleased to be able to report improved group profitability and a positive profit before tax and amortisation of intangibles.
"The momentum behind our 2007 merger is gaining pace, and the breadth of solutions that we can provide puts us in a good position to benefit as our target publishing and information markets grow and expand. These possibilities are underlined by several significant new service and product contracts signed or completed over the first half of this year. These included a deal signed by the PCG division with BioOne, a leading US based aggregator of bioscience research journals, which should add GBP0.5m to 2009 revenues, and the launch of the World Bank's e-library."
Notes to Editors:
The Publishing Technology group enables publishers to focus on their core competences by outsourcing technology requirements to a single, trusted partner. It provides software and services for the publishing industry. Clients include leading book and journal publishers such as, Hachette, Random House, Penguin and Reed Elsevier and top corporate and academic research library clients, such as Columbia University Library, and Glaxo SmithKline's research library, and a number of not for profit institutions, such as the World Bank, the IMF, OECD and UNICEF.
For further information please contact: Richard Evans, The Communication Group plc, Tel: +44-(0)20-7630-1411