The parent company of news agency PA Media boosted profits by 8 per cent in 2018.
PA Media Group has reported pre-tax profits of £3.3m in new full-year figures for 2018, up from £3.1m the year before.
The company said it was “another strong year of underlying profit and revenue growth… again driven by our data business units, with strong performances also recorded by recent acquisitions”.
Revenues grew 13 per cent from £62.3m to £70.2m, while operating profits reached £3.1m in 2018, up from £2.7m the year before.
When taken before exceptional items, operating profits were at £8.4m in 2018 and £6.2m in 2017.
In its directors’ report, alongside the 2018 accounts published on Companies House, the company said it entered 2019 “well placed to further diversify the business while maintaining a focus on providing customers with high quality and relevant content”.
“The group will continue with its strategy of investing in and acquiring businesses that fit into the group’s portfolio and help drive growth in the revenue base, while further embedding recent acquisitions into the PA culture.”
PA Media Group has bought five specialist media companies in recent years as part of an “ongoing diversification strategy” to reduce its reliance on the traditional media sector”.
It also took a 95 per cent holding in electronic programme guides provider EBS New Media and increased its shareholding in video streaming company Stream UK Media Services.
Formerly named the Press Association under parent company PA Group, the news agency rebranded to PA Media under PA Media Group in June as part of its “ongoing digital transformation” into a more “modern, dynamic” business.
The rebranding closely followed PA’s move to a new London headquarters in Paddington (pictured above) after 14 years in Victoria.
Average staff numbers grew slightly across the group from 839 to 859, with wages and salaries costing £33.6m in 2018, up from £30.7m.
Picture: PA Media