14 March 2012 – final results/acquisition

Media group Mecom has announced its results for 2011.  In tough trading conditions, both revenue and EBITDA have fallen, although only by 2% and 6% respectively.  However, adjusted earnings per share rose to 46.2 euro cents from 44.0c in 2010 and net debt has also fallen back.  The group has also announced that it has acquired another 13.3% of Wegener, its Dutch subsidiary, taking its holding to 99.7%.  Although 2012 looks set to be another tough year the group is well placed to make further progress.  After the weak share price performance of recent weeks the shares are back in buying range.  BUY.