LONDON, March 21, 2011 /PRNewswire/ --
- Net Profits of GBP1.5m and Further Strong Growth Predicted for 2011
Interactive television and mobile technology pioneer Harvest Media Group today announced strong financial results for 2010, with further growth forecast for this year. Over the past two years, net profits have more than doubled to over GBP1.5m. Further strong growth is predicted for 2011.
The group has operations in both the UK and US where it operates a wholly owned subsidiary, Telescope Inc. - which launched American Idol voting in 2002. Harvest Media Group is backed by FF&P Private Equity, a leading UK growth capital fund.
Harvest has achieved significant growth, due in part to an increased focus on product development and investment in technology in areas including social media and mobile marketing, the latter of which is showing strong demand in the US as brands increasingly adopt mobile as a central plank in their campaigns.
In the UK, Harvest has been successful in securing and implementing a number of vote management contracts including 'The X Factor' and 'Strictly Come Dancing' for various broadcasters and production companies. Against this backdrop, leading trade association AIME has recently reported that UK premium rate revenues also showed growth in quarter 3 of 2010 with revenues almost 5% ahead of the same quarter in 2009.
Further strong growth is projected for 2011, with a targeted increase in revenues of over 50%. The company has also stated its intention to increase investment in technology development, upping its 2011 budget to over GBP750,000, all generated out of strong cash flow.
To support its aggressive expansion plans, Harvest has recruited a senior sales person in the US and also created a new position of Chief Operating Officer with an internal promotion. Jason George continues to run Telescope as CEO.
Harvest also recently announced the launch of its new self-service mobile marketing platform in the US. Called 'SMS Connect' The platform offers clients increased reporting and analytics capabilities, supported by its Insight product and a new capacity management tool to further enable its high throughput interactive events. In the UK, Harvest also integrates with a number of technical platforms including BT RIDE and also Mobile Interactive Group.
Edward Boddington, Chief Executive Officer of the group commented: "We are very pleased with the progress we have made and the fantastic financial results for 2010.We have a great client base and are looking forward to a major ramp-up in 2011. We have built market leading positions on both sides of the Atlantic and are well positioned for future growth especially as the digital world continues to converge."
About Harvest Media Group.
The group is the number one provider of participation media services for media companies. These include participation TV and mobile marketing solutions for clients including media and production companies, network broadcasters, brands, marketing agencies, retailers, Internet portals and network operators.
Harvest Media Group. Media Contact Edward Boddington +44(0)7711-684408 firstname.lastname@example.org http://www.hmg.tv
SOURCE Harvest Media Group