Electric Word reports 75% increase in full year earnings

6th Apr 2016 14:11

(ShareCast News) - Specialist business information group Electric Word reported a 75% increase in earnings in the full year following the disposal of a number of divisions.The company, which specialises in the education and sports sectors, posted adjusted earnings before interest, tax and amortisation for continuing and discontinued operations of £937,000, compared to £536,000 the previous year.Revenue fell to £6.8m from £7.0m, as an EBITA loss of £717,000 in its education division offset an EBITA of £152,000 at the sports unit.Electric Word said education is "facing significant market change with tight customer budgets and the rapid consolidation of local authority managed schools into Multiple Academy Trusts".During the full year period, the company disposed of Radcliffe Solutions Ltd in January, which provided IT services to the Health sector. In April the group sold Radcliffe Publishing, which produced books for medics and other health professionals.Electric Word then in December announced it was selling 70% of its interests in iGaming Business."We made progress in 2015 in simplifying the group and have transformed our balance sheet through the sale of iGaming Business Ltd, which demonstrated the group's ability to add value to its businesses," said Julian Turner, chief executive.