Written On 5/12/11 By Recentpoker.com staff writer Lenny Wasman :
Sale of Gambling.com doubled the Group's cash balance
London-based advertising network and gaming operator, Media Corporation Plc (Media Corp) announced its six months ended 31 March 2011 results this week.
Financial highlights include:
– Revenues of GBP 13.3 million (2010: GBP 9.9 million*)
– Gross profit of GBP 2.6 million (2010: GBP 2.6 million*)
– Loss before tax of GBP 437,000 (2010: loss GBP 241,000*)
– Operating Profit of GBP 80,000 in March 2011
– Cash of GBP1.5 million (March 2010: GBP2.3 million) enhanced by a further GBP 1.5 million in April from the sale of Gambling.com
– Purple Lounge achieved the milestone of 100 000 registered customers
– GBP1 million contract with Express Newspapers signed by wholly owned subsidiary, Eyeconomy Limited
* The comparative figures presented are for the six months ended 31 March 2010 and the year ended 30 September 2010
Justin Drummond, CEO of Media Corp said: "The Group has continued to make progress during the first half of the year having grown revenues significantly once more. The sale of Gambling.com was completed in April 2011 for GBP 1.5 million doubling the Group's cash balances."
Gambling.com was sold to a UK affiliate marketing company, KAX Media who runs the WSN.com sports betting portal.