In 2013, growth was achieved in EBITDA, operating profit, adjusted profit before tax and, adjusted profit after tax. While revenues and, consequently, gross profits were down, tight cost controls and operating efficiencies ensured that the Group achieved an increase in earnings for the year. The UK and Irish web and mobile marketing businesses underpinned the financial performance of the Group in 2013. While revenues were down to €16.034 million from €19.207 million in 2012, a fall of 16.5%, UK revenues at €9.698 million exceeded the 2012 figure of €9.426 million. Irish revenues at €4.133 million were, as expected, down on the 2012 figure of €7.205 million, but were creditable given the demise of the Irish web and mobile subscription business during the second half of 2012.
Group gross profit was a respectable €4.976 million. The gross profit margin for the year at 31% was three percentage points greater than 2012, while EBITDA at €2.608 million was 4.1% up on the corresponding figure of €2.506 million in 2012. The Group recorded an operating profit of €2.224 million in 2013, 8.5% ahead of the operating profit of €2.049 million recorded in 2012.
Gross and net cash balances were €2.747 million and €2.139 million respectively at 31 December 2013 compared to €1.222 million and €0.138 million at the end of 2012. The availability of this cash gives the Group greater flexibility in funding its product-market development programmes in 2014 and beyond.