Photon profits down again
Photon Group has revealed that although it may be finding stability, its profits and revenues have continued to fall.
In its update to the ASX, Photon said that the second half of 2010 saw EBITDA profit fall from $37.3m to $32.9m and revenue fall from $196.3 to $188.1m. In addition, the company knocked $36m off the valuation of its search marketing business.
The company said that its biggest fall in profits came in its international agencies, although the London-founded Naked Communications remains a strong franchise.
Photon’s Australian agencies include BWM and BMF.
Photons shares sank about 5% on the day – down to 9c.
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Doh! Past management dropped the ball. It’s old news. JP is doing well by all accounts. Executive team still needs to be cleaned up but the golden ticket comes with running divisions positively and trade out of the mess. That will take a year or two, not a quarter or half-year.
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Hi Anon,
Perhaps so, but Photon is still one of the bigger marketing groups in Australia, and their update is still worth reporting.
Cheers,
Tim – Mumbrella