Mediacom North reports £5m revenue boost on back of Brilliant media acquisition
Mediacom North, a subsidiary of the WPP group, has recorded an increase in turnover to £113.5m in 2011, up from £98.1m a year ago.
The improving fortunes are being put down to the acquisition of media buying agency Brilliant Media at the end of 2011, which has added an additional £5m in cash sales to the firm.
That makes the £1m stumped up for the stricken agency (which had been placed into administration) look like a real bargain, although MediaCom also assumed £2.1m of historic debt.
Elsewhere operating profits nudged slightly ahead to £1.9m although pre-tax profits dipped slightly from £2m to £1.93m.
In a statement accompanying its accounts MediaCom noted: “During the year, the company's turnover increased by £15m due to winning new business and the addition of the majority of Brilliant Media's clients from 1 December 2011.
"However, profit before tax has declined slightly in 2011. This is due to a bad debt being recognised for Homeform which went into administration in June 2011.
"The company is expected to grow in 2012 with a larger client portfolio and additional focus on digital and internet services."