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SEC Newgate S.p.A

Porta Communications sees first half profits jump as it readies itself for next stage of growth

Gross profits rose 20% to £16.5mln in the first half, on higher revenues of £19.4mln

public relations
Porta has made some board changes in recent months to take it to the next level

Porta Communications PLC (LON:PTCM) has told investors it is well placed for the next stage of its development after a solid first half of the year.

The company – which is behind City PR firms such as Newgate and Redleaf – saw revenues grow 9% to £19.44mln (H1 2016: £17.80mln) in the six months to 30 June.

Revenus and profits rise

Gross profits rose 20% to £16.48mln (H1 2016: £13.76mln) while headline EBITDA (underlying earnings) jumped 24% to £1.16mln (H1 2016: £0.94mln).

The strong growth on the top and bottom lines is all organic as well, with Porta not making any additions during the opening half.

The strongest trading performance came from its Asia-Pacific business, which saw revenues rise 55% year-on-year.

READ: Porta founder hands over the reins

Since the period end, Porta has installed a new board to help drive the next phase of its development and profitability as it looks to build on a “solid” first half.

Still trading ahead of last year

“Porta is in the next phase of its development,” said chief executive Steffan Williams.

“In addition to the solid first half performance and the successful ongoing strengthening of our balance sheet, we have made a number of changes to the board and management team which are having a positive effect on the performance of the business.

“The group is trading ahead of last year and we look forward to building on the strong progress made in the first half.”

Shares opened 7% lower at 3.61p on Friday.

Quick facts: SEC Newgate S.p.A

Price: £0.40

Market: AIM
Market Cap: £9.7 m
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