Yoomedia PLC
16 June 2005
For immediate release
16 June 2005
YooMedia PLC ('YooMedia' or the 'Company')
Trading Update
Yoomedia plc today announces that, whilst significant progress has been made
since the acquisition of DITG at the end of 2004, and strong performances have
been achieved by a number of its business divisions, Yoomedia's Games & Gambling
division has experienced lower than expected profit growth, leading to a
revision of the forecast outcome for the full year. As a result the Directors
believe that the results for the year ending 31 December 2005 will be
significantly lower than the Directors had originally anticipated.
Overall, the Company achieved its initial objective of EBITDA break-even in
March this year and has continued to be EBITDA positive. The Directors believe
that the Company will be cash flow positive during the third quarter of this
financial year. Under the Company's banking arrangements, the Chairman has
agreed to replace a guarantee over an element of the facilities previously
provided by a former chairman and director of DITG.
The Company announced the appointment of Neil MacDonald as Group Managing
Director last week. Alongside the other directors, he will be focusing efforts
on the core business streams and key growth initiatives. Yoomedia operates in
several high growth markets and will be announcing and launching a range of new
offerings in these during the second half of 2005. Particular emphasis will be
on new gambling and dating services for the latest generation of digital TV and
mobile phone networks and new interactive TV formats.
Enquiries
YooMedia plc
Michael Sinclair/Neil MacDonald 020 7462 0870
Powerscourt PR
John Murray/Kirsty Black 020 7236 5615
This information is provided by RNS
The company news service from the London Stock Exchange
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