Research Firms Healthy Despite Mixed Year for PDM

UK firm Progressive Digital Media (PDM) has reported 'disappointing' 2011 results in its B2C division, revenues falling to £6.2m from £8.5m and contribution from £2.3m to £1.4m. However, the group said research agencies The iD Factor and ICD Research, which sit within the division, stood up well.

London-based PDM is a content-based digital media business, formed in June 2009 through the reverse acquisition of online marketing services group TMN Plc. Overall for 2011, the group reported what it described as a 'year of significant progress', with revenue increasing 13.3% to £54.4m from £48m in 2010, and adjusted EBITDA soaring 91.2% to £7.3m (2010: £3.8m). However, the group's loss before tax worsened to £7.9m from £4.6m the previous year.

Results from PDM's Business Information unit, which provides web-based information products via the group's print, web and events divisions, include a full year's contribution from soft drink and alcohol research consultancy Canadean, which was acquired in 2010. During the year, revenues for the division were £48.2m (2010: £39.5m), generating a contribution of £17m, compared with £13.1m in the prior year period.

In the B2C digital marketing division, which provides online digital marketing, research and panel solutions, performance was described as 'disappointing': in a statement, the firm said the unit had seen a 'significant fall' in revenues over the past 12 months (down 27%), and that it is no longer seen as a future 'growth opportunity' for the group. While PDM says it will continue to support the B2C unit, it adds that significant investment is needed to 'stabilise the business'. However this will not directly affect the two research companies: Canadean MD Neil Hendry told DRNO that ICD and the iD Factor had now been moved out of the division and realigned with his own firm.

CEO Mark Meek (pictured) comments: 'These are a strong set of results delivered during a period of substantial change and investment. We are beginning to benefit from the significant investments in business information content, staff and delivery platforms and to reap rewards from the efficiencies we have achieved through the introduction and integration of common processes and systems.'

Meek joined the group last August from his previous role as CEO of market intelligence firm Datamonitor, which was founded by PDM Chairman Michael Danson in 1990, and later sold to information group Informa in 2007 for £502m. Meek replaced Simon Pyper, who remains on the PDM Board.

Web site: www.progressivedigitalmedia.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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