Coolabi has reported its interim results for the six months ending December 31st 2008.
Revenue for the period stood at £529,367 (December 13st 2007: £878,435), principally from licensing which has increased by 40 per cent.
Loss before interest, tax, depreciation, amortisation, share-based payment costs and exceptional items improved by 21 per cent to £177,985 for the six months (2007: £226,480).
New bank facilities totalling £2 million were also agreed with Coutts in October 2008. The period also shows the successful acquisition and integration of Licensing by Design, with properties including Bagpuss, The Clangers and Ivor the Engine. LBD contributed one month of trading to the period under review.
Coolabi chairman, William Harris, stated that Purple Ronnie remained the firm's most important wholly owned asset. A three-year plan was put in place last summer for the release of five new books a year, in addition to the management of the existing back catalogue.
This followed the 2008 successes of Purple Ronnie's Little Book for a Smashing Dad and Purple Ronnie's Little Book for a Lovely Mum new titles.
Coolabi has recently concluded a multi-year contract with Pan Macmillan which will see five titles released each year in 2009, 2010 and 2011. Brand extension opportunities are also being pursued, for example a Purple Ronnie doodle book is being worked on by Michael O'Mara books.
Elsewhere in licensing, Scarlett & Crimson has got off to a flying start, while the firm is working closely with the owners of Bagpuss, The Clangers and Ivor on brand extensions.
"We have again seen good progress made during the period, not only with our principle brands and our licensing and production divisions, but also in our wider strategy, with the completion of two further corporate acquisitions in November 2008 and March 2009 respectively," said Harris. "Our companies and assets are all performing in line with expectations to deliver a positive EBITDA for the full year.
"We continue to seek further acquisition opportunities where the quality of the assets and the fit for our manangement team's expertise is matched by the ability to offer significant shareholder value."