Pixel Interactive Media Limited, (AIM: PIXL), Asia’s leading online advertising sales network, today is pleased to announce its interim results for the six months to 30 June 2008.
Financial highlights
- Turnover up 86% to US$9.14 million (H12007: US$4.9 million)
- Gross profit up 81% to US$3.04 million (H12007: US$1.68 million)
- Operating profit increased 142% to US$1.54 million (H12007: US$0.64 million)
- Profit before tax increased 92% to US$1.17 million (H12007: US$0.61 million)
- Net assets increased 76% to US$11.91 million (H12007: US$6.77 million)
- Net cash increased 14% to US$5.47 million (H12007: US$4.79 million)
Operational highlights
- Strong growth across the business driven by continued shift in advertising spend to online media
- Broadened network to include new products including a new ad network with expanded publisher base throughout the region
- Expansion of sales and business development into new markets such as Indonesia, Vietnam, the Philippines, South Korea and Taiwan via the Group’s regional hubs in Singapore and Hong Kong
- Aggressive expansion of ad network partners by 117% to over 150 premium web publishers, with a majority of them based on an exclusive or preferred partner basis (Dec 31, 2007: 69 web partners)
- Since the period end, the 2008 Beijing Olympic Games has had a positive impact on Pixel’s business and the wider online advertising industry
- Kevin Huang, CEO of Pixel, commented: “The Board is pleased with the progress that has been made in the first half of 2008, as we have continued our geographic expansion and further strengthened our product offering. This has driven the significant increase in turnover of 86%, and the continued investment in retaining talented professionals has also proved successful.
The Beijing Olympics has had a positive effect on the region, and Pixel was well positioned to take advantage of the event.
“The Group is in a good position to continue its growth, and with a strong team in place, considerable interest from new web publishers, and further expansion throughout the Asia Pacific region. We are conscious of the broader global economic slowdown but remain confident of our progress and trading for the full year and will continue to focus on the long term growth strategy of our business.”