Final Results for 31 March 2006
NewMedia SPARK plc
Preliminary Announcement of Annual Results for the year ended 31 March 2006
NewMedia SPARK plc ('SPARK'), the investor in early stage digital information and technology companies, is pleased to announce preliminary results for the year ended 31 March 2006.
Key Highlights
• Mergermarket sold for cash to the Financial Times Group (part of Pearson plc) valuing Spark's holding at £27.8m,
- A return of almost 24 times the original £1.2m invested in 1999/2000
- 113.8% increase over the book value reported in our interim results of £13m (March 2005: £8m)
• IMImobile raised US$10m from Pequot ventures providing a third party valuation event, increasing SPARK's investment value in the company by £9.6m to £12.3m
• Net Assets per share increase by 38.2% to 17.7p since March 2005 (26.4% since September 2005)
• Buy-backs of 26.3m shares during the year at an average price of 12.1p represent a 31.6% discount to year end net assets per share
• Cash balances of £17.8m in March 2006 (which includes £2.9m of restricted cash) will be substantially enlarged by £25.8m of initial mergermarket sale proceeds, enabling a substantial investment programme alongside further share buy-backs
Andrew Carruthers, Chief Executive of NewMedia SPARK, commented:
"These results are a critical validation of the credentials of the SPARK team and of early stage investing in our sector. The last year marks a turning point for SPARK and its investee companies as the digital media sector witnessed rapid changes in revenue models, in the competitive landscape and in patterns of consumption, allowing opportunities for new players and new technologies to emerge.
We have not only experienced an impressive uplift in exit valuations and seen strong growth from within our existing portfolio, but in acquiring a stake in Skinkers, have also made our first major new investment for some time. We look forward to making equally exciting further additions to the portfolio to continue the momentum in the growth of net assets."
Enquiries:
Andrew Carruthers, Chief Executive Officer 020 7851 7777
Isabel Podda, Buchanan Communications 020 7466 5000
See the important documents on the Investor Relations page of this website for more information