Prime Active Capital reports €1.84m loss

DUBLIN-based investment group Prime Active Capital (PAC) has reported an operating loss of €1.84 million for the first six months of this year, a decent improvement from the €2.65m loss it made for the same period last year.

The first-half after-tax loss for the company, which grew out of the restructured Oakhill printing group two years ago, was also more than halved — down from €4.84m to €2.13m. Its loss per share went down on a year-on-year basis from 21.40c to 9.14c.

Group revenue, combining sales of its Digimedia and Telemedia divisions, came to just over €14m, which represented a 66% year-on- year increase for the period.

PAC’s interests range from its books and journals (Digimedia)division, which includes British printing and binding company Bell & Bain, to its telecommunications (Telemedia) arm which covers its majority stake in US-based mobile phone retailer Cellular Center.

The first half of this year saw a 13% year-on-year fall in revenue for the Digimedia business, but a 218% increase in the Telemedia division.

“A much more stable business is now in place in the US, with a significant improvement in performance recorded in the second quarter as compared with the first quarter,” said Peter Lynch, PAC chairman and ex-Eircom finance director. “In the latter months of the first half of this trading year, we saw demand start to rise and there has been a marked improvement across all of our businesses.

“In part, this is due to better trading conditions and in part to significant cost reductions put through towards the end of last year.”


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