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Porta Communications highlights ‘year of significant change’ as it reports financial results

Porta chairman John Foley said: "2017 has started well with trading performance substantially ahead of both last year and our internal expectations."
executives in a meeting
The PR firm organically grew revenue by 9% to £37.1mln.

Porta Communications PLC (LON:PTCM) highlighted a ‘year of significant change’ as it reported financial results for 2016.

The company noted all organic growth, with no acquisitions in the year, though it did make substantial investments into its Newgate UK unit including new senior hires aimed at cultivating a growing pipeline.

Revenue was reported up 9% at £37.1mln, up from £34.1mln the year before, while gross profit increased by 10% to £29.7mln.

Headline earnings (adjusted EBITDA) was reported at £2.3mln, compared to 2.6mln, while headline profit (adjusted PBT) was £700,000 compared to £800,000 in the prior year.

The company reported a £5.1mln loss before tax, compared with £2.9mln in 2015, and on a per share basis that equates to a 2.2p loss versus 1.6p.

In terms of outlook, the company highlighted that trading in the year to date has been substantially ahead of the comparatives for 2016. It also highlighted that talks are presently underway with potential debt financiers and strategic investors.

"2017 has started well with trading performance substantially ahead of both last year and our internal expectations," said Porta chairman John Foley.

Meanwhile, chief executive Steffan Williams added: "Whilst the business grew organically in 2016 there is still a lot of work to be done. 

“We have hired some excellent people and we now need to give them the very best chance to flourish. 

“We also need to make sure that we act in as joined up a manner as possible across the Group businesses and across geographies.

"2017 has started well and from this month we have a new management team in place with a new and collaborative culture that is committed to taking Porta to the next level."

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