Profits and revenues grow as Photon refinances debt
Shares in the Photon Group rose today on news that the communications company has rescheduled some of its debt, and reported an increase in like-for-like revenues.
The company owns agencies including ad agencies BMF and BWM, strategic comms outfits Naked Communications and Bellamy Hayden and PR firm City Public Relations. Executive chairman Tim Hughes said that debt due in July had now been refinanced into next year and 2011. He added that in the nine months up to march 31, like for like revenues were up 10% and like for like profits up 7%.
He said: “Nonetheless, we have continued to restructure and review the cost base of those businesses that have been most impacted by the recession. We have also merged or closed down some non performing businesses.
“Overall our results continue to be positively impacted by continued strong performance by field marketing, internet marketing and public relations companies within the group.”
The market capitalisation of Photon is today about $140m, more thsan double its low point at the end of last year.
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