Starcom reports significant year-on-year growth

3rd Feb 2020 10:56

(Sharecast News) - Media agency Starcom expects full-year results to show a year-on-year improvement thanks to some significant revenue growth throughout the period.
Starcom expects sales to be "significantly higher" at around $6.8m, an increase of 14% year-on-year, while gross margins were projected to have remained stable at around 41%.

Subject to final audit, the AIM-listed firm said adjusted underlying earnings for the year ended 31 December were forecast to be approximately $300,000 - a marked turnaround from the underlying loss of $8,000 recorded in the prior year.

In addition to improved financial results, Starcom said it had made "significant progress" in strengthening its product offering and, through an improved product mix, had created opportunities for faster growth.

Chief executive Avi Hartmann said: "We are pleased that the 2019 year-end financials are on target and reflect an upward trend, with revenue growth and positive adjusted EBITDA.

"The changes in our product offering, which we have worked so hard on over the last three years, are now coming to fruition and we believe this will result in accelerated growth in 2020 and beyond."

As of 1055 GMT, Starcom shares had shot up 10.65% to 1.27p.