Aspermont returns to profit in FY10

Perth-based business publisher Aspermont has recorded a net profit after tax of $1.1 million for the 2010 financial year up from a loss of $484,000 in the previous year.

The company increased its earnings before interest, tax and amortisation to $3.2 million and reduced its primary debt position by 31 per cent from $11 million to $7.5 million.

The result came on revenue of $23 million compared to $24.7 million in 2009.

Aspermont chief executive officer Colm O'Brien said the key high growth areas emerging for the company were the events and online aspects of the business.

"These remain high margin products and in the past year we have increased our offering to the marketplace, particularly in the events space," he said.

See company statement below:

Leading business-to-business publisher Aspermont Limited (ASX: ASP) has completed a remarkable turnaround in FY2009/2010:
- Net profit after tax of $A1.076 million, up from a loss of ($0.484m) in the previous year
- EBITA increase of 102% to $3.247m
- Reduced the primary debt position by 31% from $A11m to $A7.5m
Group revenue from the company's core operations, including specialist media and international conferencing activities, was $A22.96m compared to $A24.7m in 2009 with a net profit of $A1.076m.

Despite the economic downturn Aspermont has continued to develop its global print, online and conferencing activities. This reflects the sound fiscal management of both its existing products and planned future developments.

Aspermont Chief Executive Officer Colm O'Brien said the key high growth areas emerging for the company were the events and online aspects of the business.
"These remain high margin products and in the past year we have increased our offering to the marketplace, particularly in the events space," he said.
"At the operational level the integration between the United Kingdom and Australia has gathered pace, particularly with cross sales and operational functions. This includes the promotion of events, print, advertising and the implementation of group subscription offers.
"The stable of high quality print products in Australia, the United Kingdom and the United States continues to grow, notwithstanding market trends on the future of print products and the number of customers now purchasing more than one Aspermont product has increased by 56%."
Mr O'Brien said the company's year-on-year cash position remained the same through utilising both investment and financing activities and a positive return to revenue and a stronger sterling currency would result in cash positions increasing in the next financial year.
"The realignment of our conference offering in Australia through divesting our interest in Tonkin Corporation to concentrate on our Resourceful Events brands has been one of the highlights of the year," he said.
"We launched a successful and profitable Mines and Money conference in Beijing to further extend this global brand and we are looking at new product launches following a positive start to the current financial year."