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Media Corporation’s financial results

Media Corporation, an iGaming advertising network and online operator has released their financial update for the twelve months that ended in September, showing a 46% increase in revenues to £35 million when compared to last year’s result.

PurpleLounge.com, an iGaming casino and poker room and Eyeconomy, an iGaming advertising network solutions provider are both operated by Media Corporation which in turn revealed that their full results should be released sometimes in December.

According to Media Corporation’s results, they ended up with a gross profit of £5.8 million, a 16% increase from last year’s result and their cash balance stayed the same at £2.2 million. Eyeconomy saw a 160% increase in revenues to £7.3 million while PurpleLounge.com experienced a 29% increase in revenues to hit £27.5 million when compared to last year.

Media Corporation also reported a swell in PurpleLounge.com’s registered customers by 20,000 to 120,000 and Eyeconomy’s deal with Digital Sports Group that will add a further 150 million monthly impressions and double the scale of its exclusive site representation business from August.

Media Corporation stated that “On a like for like basis before exceptional items we expect losses to reduce compared to 2010. As mentioned at the time of the sale of Gambling.com, there will be a one-off exceptional accounting loss for the year following this sale that will see the group’s loss increase by approximately £1.1 million.”

Justin Drummond, Media Corporation’s Chief Executive Officer stated that “this is a pleasing performance for the financial year as the turnaround continues in key areas of the group.”

“Eyeconomy has experienced strong growth across all of its business divisions in 2011. Growth should continue as we add new publishers and advertisers to Eyeconomy’s fast-growing advertising network.

“PurpleLounge.com has had another strong year against industry-wide declines in online gaming revenues. The group is continuing to successfully test a number of innovative online marketing techniques, which the directors believe will significantly increase customer signups, active players and revenues in the coming months.

“We continue to explore earning-enhancing acquisitions and look forward to providing further updates as and when appropriate.”

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