Boomerang Plus profit drops 16%

26th Oct 2009 08:25

Welsh TV Group Boomerang Plus said it is trading in line with company expectations as it posted a 16% drop in annual pre-tax profit and a 5% decline in sales."It has been a difficult year for all UK broadcasters and this has inevitably had a knock-on effect on the television production sector, leading to increased pressure on programming budgets and margins, as well as creating a more uncertain commissioning environment. Boomerang has not been immune to the impact of this," the group said.Profit fell to £1.10m for the year ended 31 May 2009 compared with £1.30m the year before. Revenue during the period fell to £19.76m from £20.93m a decrease after a number of delayed projects.Chief Executive Officer Huw Eurig Davies said, "Boomerang has enjoyed some very positive and exciting developments over recent months despite the tough financial climate."Looking ahead he added, "We are very well positioned with good revenue visibility, a strong balance sheet and a market offering which is highly favoured by the regulatory environment. This provides an excellent platform for the next phase of the Group's growth."Boomerang is not recommending dividend payment for the year.