News - 18/08/2014

UBC Media Group financial results: 24% fall in revenues

UBC Media Group financial results: 24% fall in revenues


UBC Media reported its financial results for the year ending on March the 31st 2014.The company felt the sting of the BBC’s and BSkyB’s budget cuts which resulted in marked decrease in production work, reporting a 29% slump in traditional content revenues and a 24% overall fall in revenues.

Simon Cole, the company’s Chief Executive, noted in a statement: “…the results contained herein are the historical results of UBC, and do not reflect the reverse acquisition of 7digital, which has been transformational in changing the make-up of the group. Although financially not reflective of the new group, these historical results do show the driving logic behind the deal for UBC.”

The company’s reverse acquisition of 7digital was formalised in June 2014 as the combined company launched on the London Stock Exchange.

Cole also detailed the evolution of the company’s relationship with the startup Audioboo, which was spun out into an independent entity after becoming dangerously cash-hungry and threatened to over-balance the group. The company has also reduced its holding in the new entity Audioboom to 18.7%.


(Andrea Leonelli)

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