When Jeremy Banks took up the role of chief executive at AIM listed Coolabi (LON:COO) in September 2006, he was tasked with breathing new life into the ailing media group. Since then he has pulled off a string of acquisitions and built a portfolio of creative properties – ranging from family favourites such as Purple Ronnie and The Clangers to high growth new additions like Poppy Cat and The Large Family. Banks is confident that his portfolio of assets is well poised to grow despite tough trading conditions – and further acquisitions remain firmly on the agenda.
An accountant by trade, Banks joined Coolabi from Chorion plc, where he held the roles of commercial director and finance director from 2001 until the group was acquired by private equity firm 3i (LON:III) in 2006. Before that, he joined Guinness Mahon Development Capital shortly before it was bought out by its management to form ProVen Private Equity, the niche venture capital house whose focus was media and branded content transactions. In the 18 months to December 31, 2009, Coolabi delivered an Ebitda profit of £0.20m on revenues of £2.8m. In its latest figures to June 30, 2010, Ebitda profits came in at £0.02m on revenues of £0.96m, with expectations that a much stronger second half will see the numbers continue in a positive direction. For investors eyeing the wider sector, Coolabi’s presence in the Media segment of the AIM market means that its peers range from the likes of Dcd Media (LON:DCD) , Dori Media Group (LON:DMG) , Dq Entertainment (LON:DQE) , Galleon Holdings (LON:GON) and Ten Alps Plc (LON:TAL) .
Stockopedia spoke to Jeremy Banks about the development of Coolabi’s property portfolio, his expectations for the group in the second half of this year and his plans to grow the business in the longer term.
Jeremy, what do your latest results say about the evolution of Coolabi and the opportunities in your markets?
I’m going to widen…
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Ben Hobson
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