22 May 2008
PA Group announces 2007 annual results
PA Group, the owner of UK national news agency The Press Association, today reported an increase in turnover and further progress in its strategic aim to become an international information business as it announced its 2007 annual results.
Group turnover increased to £81.4 million, up £5.9 million on 2006. Operating profit was down to £1.4 million (£2.6 million in 2006) as the company made significant investment in its multimedia capabilities and US sports data business PA SportsTicker.
The global PA Sport business saw further growth during the year. To ensure PA Sport is in a position to take full advantage of the opportunities emerging across the sports industry, it was announced in March 2008 that the group has commenced a process to investigate a sale or outside investment in the business. This process is still ongoing.
At today’s annual general meeting, Sir Harry Roche steps down from the PA Group board after 20 years as a director and 13 years as Chairman. Group Chief Executive, Paul Potts, becomes Executive Chairman. Charles Gregson,
Chief Executive Officer of PR Newswire, is appointed senior non-executive director.
It was also confirmed that James Murdoch, Chairman and Chief Executive, Europe and Asia News Corporation, joins the PA Group board as a non-executive director. Ian Campbell, Business Development and Strategy Director, and Jennifer Campbell, Managing Director, MeteoGroup, are appointed executive directors.
Sir Harry Roche said: “During my time at PA Group I have seen many changes and much progress. I am extremely proud that we have managed to maintain the wire service at the highest quality whist expanding activities and delivering £233 million in dividends to shareholders. I am confident that the group will continue to meet the challenges of the evolving marketplace as it enters the next stage of its development.”
Paul Potts said: “By the end of 2008 we will have completed our journey from a pure domestic news agency to a fully-integrated, multi-skilled, multimedia information group. The scale of the board’s commitment to this ambition is reflected in the investment made across the group during 2007 particularly in multimedia production and video gathering capabilities.
“The business is in good shape and we are beginning to see the new revenue streams which generate optimism for the future.”
Other highlights of the year included a 25% growth in The Press Association’s revenue from digital markets where the agency has established itself as a leading provider of pooled video for national events to online customers. European weather forecasting business MeteoGroup saw a 39% increase in operating profit, with strong growth in the marine and energy sectors and a rise in take-up of multimedia content by digital customers. CNW Group, the group’s 50% owned Canadian newswire distribution business, also saw record revenue and profitability.
The PA Group Annual Report 2007 is available to view online at:
http://publishing.yudu.com/Abk0d/PAgrpAnnualRep07
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