UK-based multimedia company Ten Alps Plc announced its results for its financial year up to March 31, 2010. While the company saw declines in profit, revenue and EBITDA compared to the previous year, it’s still poised for future growth, says CEO Alex Connock. Pre-tax profit stood at £3.2 million compared to £3.3 million in 2009, while net profit fell to £2.4 million, from 2009′s £3 million. Revenue dropped to £66.1 million from £80.2 million in 2009, and EBITDA came in at £5.2 million, compared to £5.9 million in 2009. In a statement released with the results, the company said the recession’s impact on advertising, coupled with Ten Alps’ Asian expansion (offices were opened in Singapore and, as of today, Beijing) and ‘investment in strong online migration’ contributed to the profit decreases.
‘By improving margins and migrating online we delivered profits and reduced debt in 2009-10 – but clearly the business is not immune to recession,’ said CEO Alex Connock. ‘Our multimedia model very much suits how media usage has evolved, and is now being excitingly replicated in Asia. Meanwhile we have reduced our cost base and developed a platform for future growth.’
- Summit ’17