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Purple Lounge to drive Media Corp in 2010

First quarter results for Media Corp, which acquired the poker site Purple Lounge in October 2009, showed the company enjoying a strong start to the current financial year.

The company said the Purple Lounge deal would be the driver for Media Corp returning to profitability this year, although its full year results to the end of September 2009 due to be published in March are expected to show a loss for the period.

The company recorded first quarter revenues of £4.6m, a 460% increase on £1m achieved during the same period in 2009. Pre-tax profits were £370, 000, compared with a loss of £453, 000 in 2009. The company had a cash balance of £2.3m as of 31 December.

Media Corp acquired Purple Lounge in October for a maximum amount of £460,000, which will be paid for by way of an earn-out over a five-year period, and said strong performances from  the site’s poker and casino products and its advertising network Eyeconomy had contributed to the positive first quarter results.

Media Corp directors said the results for the latest period mean they are confident the group will continue to experience strong profitability and growth for the year, even if it is too early to talk about full year expectations.

Chief executive Justin Drummond commented: “A strong performance from Eyeconomy and the transformational acquisition of Purple Lounge has led to a record quarter for the group. With the successful new acquisition, the lifting of the Google penalty and the appointment of board directors Chris Gorman and John Palmer all contributing to this strong trading performance.”

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