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Publishing Technology Continues Strong Progress despite Broader Economic Turmoil

Published: 10:39 14 Sep 2009 BST

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Publishing Technology plc (AIM: PTO), released positive interim results for the six months to 30 June 2009. The media technology firm provides online systems, management software and consulting services to trade and academic, journal and book publishers.


In a relatively positive first half, Publishing Technology achieved 5% revenue growth and also recorded a 4% increase in gross margins. Publishing Technology maintained positive cash flow throughout the period leading to Earnings (EBITDA) growth of 12%. An apparently sustainable first half included recurring revenues which contribute to 65% of total group revenue.


Through the period Publishing Technology expanded their existing client base implementing new services for major publisher McGraw Hill. Publishing Technology added increased sales of their ‘Pub2Web’ service adding to their existing client base which includes major international institutions such as  the OECD (Organisation for Economic Co-operation and  Development), the International Monetary Fund (IMF) and the World Bank.


Publishing Technology stated that they have significantly improved their pipeline for major products and services into new geographic markets. In the period Publishing Technology expanded their operations to sell their key ‘IngentaConnect’ and ‘Pub2web’ in new territories including Germany, Brazil, Japan and Australia.


In today’s interim statement Publishing Technology stated that their business units are performing in line with market expectations, additionally that the continuing debt reduction and improving pipeline of product launches indicated that  Publishing Technology’s outlook remains positive.


George Lossius, Publishing Technology’s Chief Executive, comments reflected the groups upbeat outlook despite the difficult economic environment;


“Despite the background of general turmoil in the economy, this year's interim results reflect continued strong progress across the Group. All units performed well in the first half which is traditionally the weaker half of the year, and I am very pleased to be able to report improved Group profitability.”

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