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Bad year; good first quarter for online gaming and media group

Online gaming and media group Media Corporation expects to report a loss for the year to September 2009 but says it returned to profitability in the first quarter of the current year. Q1 trading produced revenue of £4.6 million, against £1 million in Q1,2009, and a pre-tax profit of £370,000 versus a previous loss of £450,000.

Cash balance at 31 December was £2.3 million, slightly down on the £2.7 million a year ago.

Media Corp management claimed that the figures demonstrate a material turnaround, driven by the recent acquisition of online poker and casino business Purple Lounge and a strong performance from Eyeconomy, the group's advertising network.

It is expected that revenue will continue to grow as Purple Lounge is fully integrated, benefiting from cost savings.

The group has also benefited from lifting on October last year of a Google penalty that had hurt its rankings in internet search results.

Source: InfoPowa News

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