Listed South African media group Primedia on Friday reported that it achieved turnover growth of 27% for the four months to 31 October 2005.
Providing a business update on Friday, CEO William Kirsch said this was a combination of excellent organic and innovative growth, as well as the benefits of acquisitions concluded this year.
He added that the group continues to benefit from its diversified but synergistic mix of media businesses.
Speaking at the group’s AGM, Kirsh said the group’s advertising businesses continued to be buoyed by the broadcasting businesses. However, outstanding performances were also achieved by the Primedia Out of Home and Commuter Media divisions.
Its content businesses also experienced good turnover growth due to an excellent performance by the lower margin electronic games division, Ster-Kinekor Games, which offset the subdued performance of Ster-Kinekor Theatres, which was, up until recently plagued by product supply problems which have now been resolved, he added.
Primedia anticipates that these positive trends will continue for the foreseeable future and expects similar turnover growth rates for the six months ending in December, he said.
It will publish its interim results at the end of February 2006. – I-Net Bridge