Aspermont continues sound performance

Perth-based business publisher Aspermont has posted a solid increase in revenue and underlying earnings but one-off restructuring costs have pushed its net result to a loss of $484,000.

The full statement is pasted below:

Aspermont Limited has delivered another sound operational performance with consolidated profit after tax adjusted for non-recurring items of $3.1 million (2008: $2.3m) for the 12 months to 30 June 2009.

Group revenue from the company's core operations including specialist media and international conferencing activities grew by $5.5m to $24.7m (2008: $19.3m) after taking into account the full year impact of the UK acquisition.

Apart from the adverse impact of non-recurring costs, this improvement is also reflected in an improved underlying EBITDA of $4.7m compared to $4.2m in the prior year.

As well as a solid financial outcome for the reporting period, Aspermont has successfully continued to build its reputation as a leading B2B publisher for industry through its suite of mature and market-leading print, online and conferencing products.

Aspermont CEO Mr Colm O'Brien said that the results were pleasing in a period of extreme challenges for most publicly listed media businesses.

"The year has been a particularly difficult trading year in the media industry both here and overseas. The sharp downturn in the mining and construction sectors has also affected our sales," he said.

However, the business has adjusted by ensuring that minor development products have been scaled back whilst also bringing forward the implementation of IT development projects to assist in margin management and future growth," Mr O'Brien said.

The group's ability to access new revenue streams and increase its overall offering to clients during this period was a further positive outcome. This was achieved across all operating divisions both geographic and channel.

"The solid overall financial performance has been delivered through better integration of our products along with recognition by our clients that we consult with them on annual marketing plans, rather than individual product solutions," Mr O'Brien said.

Although a final dividend has not been declared this year the Directors will consider an interim dividend in due course.

Mr O'Brien said that he was encouraged by the signs of recovery during the first quarter of FY2010 and is cautiously optimistic that markets will improve for Aspermont's products and services.

"As a result of our work last year, Aspermont is far better positioned for the current market conditions and continues to demonstrate ingenuity and resilience when faced with challenges.

Importantly, forward booking remains strong right across the group," Mr O'Brien said.

Aspermont Limited is an Australian based, international media group specialising in the production of Business to Business (B2B) and Business to Consumer (B2C) information services, delivered through print, conferencing and online media channels.

Aspermont produces a range of print magazines (inc. Mining Journal, Australia's Mining Monthly, Contractor) and online services (inc. www.MiningNews.net, www.PetroleumNews.net; www.SearchMining.net).

In addition Aspermont owns the industry leading conferencing businesses of Mines & Money (London, Hong Kong, Dubai) and Resourceful Events (Sydney) and has various interests across a broad range of industrial sectors.