Cellcast moves into profit

Revenues at Cellcast grew by 9% in the year ended 31 December 2011 to a total of £20.9m.

Gross profit was up 25% to £1.7m, compared to a loss of £1.4m in the previous year.

Operating profit was £0.02m. In 2010 there was an operating loss of £0.4m.

Andrew Wilson, Chief executive Officer of Cellcast, commented: "Last year was a year of two halves. After a strong first half our revenues and profits were adversely impacted by what we believe to be a recession driven reduction.

"We were delighted to realise part of our shareholding in Cellcast Asia Holding during the year, especially in light of that company's subsequent poor trading. This poor trading may impact on the recoverability of amounts due under the assignment of our intellectual property and we have prudently made a provision in the financial statements.

"Looking forward the group will continue to focus on the development of innovative products and services to meet the challenges and growth opportunities presented by the expansion of digital television and the convergence of the web, TV and telephony."

At 12:56pm: (LON:CLTV) share price was -0.15p at 1.6p

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