A potential growth stock ? Company is already profitable and debt free. They provide digital audio and video content to radio stations and tv stations. They appear ideally poised to take advantage of both digital radio advertising and digital tv content such as music videos. They have a fast and comprehensive digital distribution network so a new pop song can be didgitally sent to all radio stations with a press of a button. No more Cd's and videos by courier service.

Liquidity and spread are the only short term problems but the shares look good value. IMHO Any thoughts appreciated?

Encouraging Interim Results out today.
TV service off to a good start. The results quote that the potential UK market for TV is bigger than first thought and foreign interest higher than expected. Expansion into Ireland has been brought forward. Sales and dividends both up.

Only small downside is a slight drop in profits due to initial cost of getting the TV service underway and to impact of drop in radio revenue during the olympic games and european football cup. Both obviously temporary.

Well.This takes a bit of analysis. One thing is evident. All the info has been to hand for some time SO WHY HASNT THE FINANCE DIRECTOR BEEN PREPARING BOTH HIMSELF,THE COMPANY AND THE MARKET for this information. Its a bit like the curate's egg. My opinion would be that,in radio, there is the presence of a comptetitor from down under who might have been stealing business.Whereas, in TV, the additianal costing should have been well allowed for (Finance Director again) and expectations would appear to be bright. There's evidence that this info may well have been in the hands of interested parties prior to this announcement. Whilst it's impossible to stop leaks, they should be found and punished. All in all, this one has not run it's course yet. Its a 'bounce backer' ALL IT NEEDS IS A NEW FINANCE DIRECTOR PREPARED TO DEVOTE TIME TO THE COMPANY.

Full results just around the corner. I wonder what Mr Haynes and co have for us street urchins. Could be O K methinks the B T pension fund toped up with a few more. A good forward looking statement, a possible ITV 1, 2 & 3 contract that would do for starters. Any comment! First post for 2005 onwards and upwards with the share price.

Just a thought with a fortnight to go we will have to keep an eye on the trades bound to be a few leaks going on past performance.

RNS Number:0858J
Independent Media Distribution PLC
28 February 2005


INDEPENDENT MEDIA DISTRIBUTION PLC

Preliminary announcement of results for the year ended 31 December 2004.

Financial Performance

Group Sales - #3,732,000 (2003 - #3,434,000)
Pre-Tax Profit - #904,000 (2003 - #1,370,000)

Dividend per Share - 1.30p (2003 - 1.15p)

Operational Highlights

New television service receives wide support from broadcasters and agencies.
Television - strong sales growth last quarter.
Radio revenue declines 7% caused by sharp move between August and November 2004.
Music Revenue continues growth with 28% increase.

Current Trading

Group sales increase 14% in first seven weeks of 2005.
Television continues to build market support and the station network.
Radio commences 2005 slowly with small decline.
Music continues steady growth.

Chairman David Haynes said "In October 2004, the company announced that it
expected that the costs of developing the Television distribution service
together with an unexpected decline in radio revenue would lead to a fall in
profit. Since that date, strong support for the new television service
distributing advertisements, music and programming generated a sharp increase in
sales in the busy final quarter of 2004 and offset an equally high level of
expenditure in building out the television network. These new customer
relationships have continued into the quieter period normal for this quarter.
This sales momentum is a strong indicator that the service is meeting the needs
of the industry. Each station has its own specific system requirements but these
are being steadily addressed and as each comes on line the total coverage of the
market improves. Capital expenditure and start up costs, now #2m, are expected
to tail off gradually in the current half year when the UK network will be
substantially completed."

Enquiries:

David Haynes, Executive Chairman 0207 468 6868
david@imdplc.com

Summary of Results

12 months to 12 months to
31 December 2004 31 December 2003


Turnover #3.73m #3.43m
Profit Before Tax #0.90m #1.37m
Profit After Tax #0.65m #0.98m
Earnings per Share (basic) 1.93p 2.91p
Earnings per Share (diluted) 1.90p 2.88p
Dividend per Share 1.30p 1.15p

Trading

The results for the year reflected a sharp increase in Television distribution
revenue accompanied by continuing development expenditure when compared with
expectations at the time of the trading update in October. Group Sales for the
year were up 8.7% despite a 7% decline in radio distribution revenue. Television
advertising has a strong seasonal bias towards the pre-Christmas period. Even
so, there was a substantial gain in market penetration with support for the new
service from a wide range of advertising customers. Development of the network
has reached the stage where over half of the planned systems are installed and
operating with nearly all the remainder, including BSkyB, in the final stages of
build. The Irish joint venture continues to make progress building a service
supplying Irish television stations and the international traffic between
Ireland and the UK. Other European centres are proving a source of business
into the UK and distribution from the UK is about to commence for the major
television group, Viacom.

Radio advertising distribution experienced a decline in August 2004 until there
was a partial recovery in December 2004 which has continued into the new year.
The company's revenue is closely, but not completely, linked to trends in
advertising. A further minor negative factor was a slight increase in
competition during this period though the impact on the company's revenue has
not been material. Following a major review of the radio service in association
with the radio industry, a significant upgrade to the network is currently being
rolled out and a number of new features have been added to tie in the media
buying process more closely between radio station and agency.

Music services, though still the smallest of the company's three revenue
streams, continued its growth with a 28% increase for the year. Growth is due to
the increasing popularity of video services for the television industry where
the company is now working with all the leading record labels.

Profit before tax for the year fell by nearly #500,000. As previously indicated
this was due to the heavy expenditure on building out the Television service
which involved a significant lift in staff numbers before operations commenced
plus the substantial increase in depreciation on equipment purchased. The
decline in radio revenues was also an important factor in the profit not
reaching expectations.

Trading in the opening weeks of the new year is normally quiet although radio
revenues have been in line with the fairly undemanding budget which anticipated
a partial recovery from the lows of 2004. Music continues to progress, the video
service in particular being comfortably up on the same period last year.
Television has a strong seasonal bias with pre-Christmas being very important.
As expected, the new year has opened at a lower level in line with seasonal
trends but it is particularly noteworthy that all customer relationships are
developing positively.

Cash flow

Capital expenditure during the year totalled #1.1m, a considerable increase on
the figure for any previous year, the increase being entirely due to television
requirements. Television, including start up expenditure written off, has now
cost #2m largely funded out of cash flow though group net bank balances in the
year declined #0.6m to #2m. Capital expenditure in television in the UK should
tail off in the current half year. The depreciation provision for the year
increased by #0.21m to #0.59m, reflecting the capital outlays, and this figure
will rise further in the current year. The company continues its policy of
writing off all hardware, fixtures and fittings over three years and bought in
software over two years. This policy has an immediate impact on profit but is
believed to be prudent.

New director

The company welcomed Martina King, who joined the Board as a Non - Executive
Director on 24 February 2005. Martina brings a wealth of media experience to the
Board, having previously been Managing Director of both Yahoo! UK & Ireland and
Capital Radio's London Stations amongst other prestigious appointments.

Earnings per share and dividends

Earnings per share for the year were 1.93p compared with 2.91p for the previous
year.

A final dividend of 0.65p per share is proposed and, if approved, will be paid
on 25 May 2005 to shareholders on the register at 20 April 2005. This gives a
total for the year of 1.30p per share compared with 1.15p per share in 2003.

Annual Report

The information in this announcement, which was approved by the Board of
Directors on 24 February 2005, does not comprise statutory accounts. The
statutory accounts for the year ended 31 December 2003 have been delivered to
the Registrar of Companies and included an audit report which was unqualified
and did not contain statements under s237(2) or (3) of the Companies Act 1985
(the Act). The statutory accounts for the year ended 31 December 2004 will be
delivered to the Registrar of Companies in accordance with Section 242 of the
Act.


DAVID HAYNES
Chairman

I said it was a 'bounce backer' but the really interesting questions is - Why not a push into Europe for both the Radio and TV arms. I would have thought Radio is a cheap 'bolt on' as far as Europe goes. TV a tad more expensive but, as experience proves, it pays off.

There doesnt seem too many people have jumped ship as yet. Still worth holding, TV side doing well and dividend is up.

34k brought last thing, nice buy.

Independent Media Distribution PLC
26 April 2005

Independent Media Distribution plc

26 April 2005

Holding in Company

Independent Media Distribution plc (the 'Company') was notified on 22 April 2005 that the following
entities had disclosable holdings in the ordinary shares of 10 pence each in the Company as of
21 April 2005:

- The Trustees of the BT Pension Scheme;
- Hermes Investment Management Limited; and
- Hermes Pensions Management Limited.

The registered holders of the holding are as follows:

Name Number of ordinary shares in the Percentage of the issued share
Company held capital of the Company held

BriTel Fund Nominees Ltd 2,829,289 8.440%

Possfund Nominees Ltd 1,923,074 5.737%

Shares on Loan (12,500) (0.037%)

Total 4,739,863 14.140%

Enquiries
Independent Media Distribution plc 020 7468 6868


Graeme Titmas, Company Secretary


Has everybody gone from this thread, I feel lonely sometimes.

I See we had added a few points this week, something could be brewing, perhaps some good news on the way, lets hope so. Still very lonley here.

Interim Results

RNS Number:4081R
Independent Media Distribution PLC
19 September 2005


INDEPENDENT MEDIA DISTRIBUTION PLC

INTERIM REPORT

FOR THE SIX MONTHS ENDED

30 JUNE 2005

Independent Media Distribution plc ("IMD") today announces its interim results
for the 6 months to 30 June 2005.

Financial Results

* Sales #1,745,000 2004: #1,751,000

* Pre Tax Profit/(Loss) (#258,000) 2004: #537,000

* Interim Dividend 0.65p per share
2004:0.65p per share

Operational Highlights

* Agreement reached with ITV for implementation of IMD's digital
advertising delivery service

* Market conditions in radio advertising remain challenging

* Music revenues up 11.4%

Chairman David Haynes said "The loss for the half year was caused by two factors
and shareholders have been previously alerted to both. The primary reason was
the high level of development expenditure incurred in connection with signing
the breakthrough agreement with ITV for their inclusion in IMD's distribution
network; this major opportunity necessitated substantial costs this year prior
to commencement of operations in 2006. The second cause was the continuing
decline in radio advertising distribution, reflecting industry trends."



ENQUIRIES:
David Haynes (Executive Chairman)
0207 468 6868


SUMMARY OF RESULTS

Six Months to Six Months to Year to 31
30 June 2005 30 June 2004 December 2004
#'000 #'000 #'000

Turnover 1,745 1,751 3,732
(Loss)/profit before Tax (258) 537 897
(Loss)/profit after Tax (219) 381 657

Earnings per Share
Basic (0.65p) 1.13p 1.95p
Diluted (0.64p) 1.11p 1.92p



OPERATING REPORT AND CURRENT TRADING

Television

Shareholders may not appreciate the major impact Television advertising
distribution in the UK and Ireland is having on the structure of the Group. The
potential size of the television market is considerably larger than for radio,
the complexity of the service offering is far more technically challenging and
both the capital investment and the operating infrastructure are much larger.
The total IMD team currently numbers thirty-eight people, treble the number
immediately before development of the television service began. Within that
figure, engineering development, including software programming and hardware
build, is now thirteen people compared with four previously. These numbers
reflect the extra complexity of television combined with the industry's need for
assistance in converting to internal digital management systems.

Reaching agreement with ITV has been a particularly important milestone as it is
not only the most important television advertising audience but it is also the
last major broadcaster not serviced by the IMD digital network. The addition of
ITV therefore will considerably enhance the service offered and several major
customers have indicated that they will transfer all their business when ITV
goes live.
At 30 June 2005 the total investment in the television system exceeded #3
million including half of an additional #700,000 added to the budget as a result
of ITV. This large figure involves not only the direct cost of fitting out ITV
but also extra expenditure in expanding future capacity to ensure all potential
demand can be satisfied. Product development is a continuing requirement.
However the major capital fitting out programme is now committed and future
development will proceed at a lower level.
Television revenue in the first half benefited from increasing customer support
and it is estimated that IMD is currently involved in the distribution of
approximately half of all advertisements to television broadcasters. Revenue is
well below half the estimated market because IMD has been handling only a small
part of the distribution requirement for each customer. Delays with the
installation at BSkyB and some others, as well as ITV, held back revenue though
in the circumstances it is very pleasing that IMD has received such broad
support at this early stage. BSkyB is now operating satisfactorily and the
proportion of each order being serviced is gradually rising. The ability to
service ITV is crucial to obtaining the full benefit next financial year.
Radio

IMD started in business as a distributor of radio advertising to stations
throughout the UK and it has always handled the majority of advertisers'
distribution requirements. For the first extended period since IMD began, there
has been a decline in radio advertising and this has directly reduced the volume
of advertisements available for distribution. The situation has been accentuated
because in a buoyant market advertisers tend to make more sophisticated
campaigns with more advertisements but revert to a simpler and less costly style
when conditions are less optimistic. As a consequence IMD's revenues have
declined at a slightly higher rate than the general decline in total radio
advertising expenditure. As shareholders are already aware, IMD has a limited
visibility of future revenue trends as it receives very short notice of daily
orders and therefore it is not possible to give guidance on the outlook for the
remainder of the year. Looking further ahead, growth in radio appears limited as
the number of new radio stations being launched is slowing and at this stage it
is not clear whether digital radio or internet radio have the potential to open
up new advertising markets.

Music

Music remains the smallest of IMD's three general revenue streams though it is
growing steadily, having established its position as the essential way for
trialling new music videos with television broadcasters and producers. It now
distributes virtually all new releases and is extending the service to
distribute high quality broadcast music to the television stations. This latter
service is being used by a number of the major labels and has the potential to
increase in the same way as the earlier trialling service. In common with the
television advertising service it will benefit further as the distribution
network is enlarged to include ITV.

Finance, Cash Flow and Dividend

At 30 June 2005 the net cash on deposit was #1.5m. All outlays on capital
equipment for the television service have been purchased without borrowing and
the company has no finance commitments, leaving it well positioned to continue
its expansion programme. Whilst the company has reported a net loss for the six
months, this was substantially due to non-cash charges. The cash generated from
operations exceeded #520,000, a figure only #165,000 lower than for the same
period last year.

The adoption of IFRS has resulted in two important variations in reporting from
the previous GAAP requirements. The first requires a charge against profits for
options issued which are eligible to vest in the relevant period The charge
against profits for this period is #112,085 (2004: #32,032) in respect of the
share options issued to Adam Poulter and other options previously issued to the
executive team. The method of calculating this charge is somewhat subjective but
shareholders should be aware that this is a non cash charge against profits. The
second is a requirement for all product development to be capitalised in future
compared with the previous policy of charging it as an expense against profits.
The period for amortisation of development expenditure is left to the company's
discretion and IMD has decided to amortise over twenty-four months on a straight
line basis. The reason for the short amortisation period is that IMD believes
that product development is an integral part of the company's general operations
and it might give a false sense of security if this essential expenditure was
held in the balance sheet over too long a time. This year the amendment will
have the effect of increasing the net profit by approximately #100,000 (2004:
#57,000) as a consequence of the build up in development expenditure this year
compared with 2004.

Dividend

An interim dividend of 0.65p per share will be paid on 28 October 2005 to
shareholders on the register as at 7 October 2005. This is the same as the final
dividend paid in May 2005. The Board believes that the company's prospects and
its current level of cash resources justify this continuing dividend.

DAVID HAYNES
Chairman

Thread Closed, lack of intrest. Go to ADVFN

Profit warning from Independent Media
MoneyAM
Independent Media Distribution has warned that full year results will come in below market expectations.

The company said this is due to the poor current market situation for radio even though TV is rapidly becoming the dominant revenue source for the group.

In a trading statement, the company said it has traded profitably since September 5th due to increased volume sales of advertising and music material.

In the first 11 months, group revenue rose 18% year on year compared with 13.5% at end-June, despite poor contribution from the radio sector where revenues have fallen short of last year's levels.

INDEPENDENT MEDIA DISTRIBUTION ACQUIRES OPTIMAD MEDIA SYSTEMS LIMITED

Independent Media Distribution plc ('IMD'), the UK's leading digital distributor
of advertising, music and music video to radio and TV, is pleased to announce
the acquisition of the entire issued share capital of Optimad Media Systems
Limited ('Optimad') for a cash consideration of 3 million. The acquisition is
expected to be earnings enhancing and cash flow positive in 2007 and is being
financed through a new a bank facility and existing resources.

In the year ended 31 December 2005, Optimad had turnover of 957,000 and a
profit after taxation of 23,000. At 31 December 2005 Optimad had audited net
assets of 427,000. Indicative results for 2006 are for an increase in turnover
resulting in a significant increase in operating profits.

The combined group is looking to benefit from Optimad's continuing growth,
merger savings and new services introduced as a result of the integration of the
two companies' complementary businesses.

This acquisition marks a new phase of growth for IMD and since the company is
involved in a rapidly changing sector, the board is reviewing the possibility of
a reduced dividend policy in the future appropriate to a growing business.

Optimad (
www.optimad.com
) was founded in 1999 and is located in central London.
It operates web based services for the television, print and outdoor advertising
sectors. CARIA, its television industry service, has been operational since 2003
and processes spot advertising campaign details, agreed between media buying
agencies and media owners, for over 80% of UK television advertising revenue.
CARIA also connects creative agencies with broadcasters to send instructions
about precise transmission requirements for commercials.

Currently the delivery of commercials and the exchange of campaign data are
disconnected in television. With Optimad, IMD can integrate these separate
advertising processes to help make television a more attractive medium for
advertisers.

Commenting on the acquisition, Simon Cox, CEO of IMD said: 'This is a perfect
opportunity to combine our complementary strengths. Optimad has built an amazing
hub for the television industry used and appreciated by many of the same people
who work with IMD every day. With Optimad, IMD is ready to build on our
unrivalled reputations for customer service, reliability and innovative
technology to create the UK's definitive media logistics business.'

Andy Troullides, Managing Director of Optimad and now Chief Media Officer for
IMD said: 'IMD and Optimad share a common goal of making advertising processes
more effective by delivering a first class service built around innovative
technology. By putting content and data together we know that we can deliver
more value to the advertising industry.'

To me this sounds a very good deal, brings its all together. I M D have some cash resources, it won't take them long to pay back the bank facility. These shares are at a bargin basement prices. Just in my opion of cause. What does anybody else think?

Good to see the new CEO buying 40k worth, that's 80k he holds now. Bargin basement prices.

Independent Media Distribution plc

PRELIMINARY RESULTS

Record Sales and Profits

"growth fuelled by new territories and new services"


Independent Media Distribution PLC (www.imdplc.com, "IMD") is Europe's leading
'media logistics' specialist for online digital delivery of finished TV & radio
commercials & music videos and 'industry level' advertising campaign management.


Today, IMD announces its Preliminary results for the year ended 31 December
2009.

Highlights

Revenues up 9%
Profit before taxation (normalised*) up 50%
International revenues up 366%
Five new services established across the group
Nil borrowings and a cash balance of GBP0.9m
Second Interim dividend double last year's final - a 14% increase for the
year as a whole

* Note: Normalised profit is before GBP0.2m amortisation of intangibles created
upon acquisition of Optimad (2007: GBP0.2m).

Commenting, David Haynes, Chairman said:

"I am delighted to report another record year for IMD and one in which our
business proved extremely resilient during the downturn. IMD is successful
because we are expanding into new fields and we bring completely fresh and new
solutions to old problems".

"Our strong financial position and high level of cash generation has enabled us
to continue our growth plans unhindered by the wider recession".


About IMD

Founded in 1996 and working with all of the UK's top creative and media
advertising agencies, post production houses, TV and radio broadcasters and a
growing number of digital media companies, IMD connects more components of the
UK's advertising and media community than anyone else.

IMD's media logistics solutions operate in two areas:

Content distribution: For example, IMD TV and IMD Radio deliver around
half of the commercials aired across the UK into TV channels and radio stations;

Data administration: Services for TV advertising including IMD's 'industry
standard' CARIA system which administers over 85% by value of all UK TV
advertising bookings.

IMD also operates several of these services in Ireland, Germany and France. And
IMD's new IMD World service is able to deliver TV commercials to over 90
countries worldwide.

IMD is at the forefront of a structural changethat is taking place in the media
logistics sector, as the market migrates to online digital delivery and data
administration from traditional methods, such as tapes, couriers, emails and
faxes. This substitution of 'new for old' creates rapidly growing new markets
for IMD.


CHAIRMAN'S STATEMENT

I am delighted to report another record year for IMD and one in which our
business proved extremely resilient during the downturn. Our strong financial
position and high level of cash generation has enabled us to continue our
expansion plans unhindered by the wider recession.

This is a remarkable achievement and a much better result than we originally
envisaged, given the difficult trading conditions experienced throughout the
year; thanks to the resourcefulness of our staff and the non-cyclical nature of
much of our business.

IMD is successful because we are expanding into new fields and we bring
completely fresh and new solutions to old problems. Over the years IMD has built
highly sophisticated and bespoke IT systems and services specifically for the
advertising and promotion industries. We are now using these platforms to
exploit major growth opportunities by expanding, at low cost, into overseas
markets and related fields.
+---------------------------+----------------+--------------------+
| | 31 December | 31 December 2008 |
| | 2009 | |
+---------------------------+----------------+--------------------+
| Turnover | GBP8.08m | GBP7.44m |
+---------------------------+----------------+--------------------+
| Profit before tax | GBP1.68m | GBP1.12m |
| (normalised)* | | |
+---------------------------+----------------+--------------------+
| Profit per share (basic) | 3.14p | 1.89p |
+---------------------------+----------------+--------------------+
| Profit per share | 3.12p | 1.88p |
| (diluted) | | |
+---------------------------+----------------+--------------------+
| Dividend per share | 1.20p | 1.05p |
+---------------------------+----------------+--------------------+

* NOTE:before GBP0.22m amortisation of intangibles created upon acquisition of
Optimad (2007: GBP0.22m)

In one of the toughest periods for the advertising industry, IMD's revenues were
up 9% to GBP8.1m (2008: GBP7.4m) and normalised* profit before taxation after
absorbing GBP0.3m of start up losses (2008: GBP0.8m) increased by 50% to GBP1.7m
(2008: GBP1.1m).

Cashflow and Balance Sheet

Given our robust financial performance, cash generation remained strong during
the year with net cash generated from operating activities (after tax paid) up
27% to GBP2.1m (2008: GBP1.7m). This enabled us to pay down all our debt and
have a positive cash balance of GBP0.9m at the year end, despite increased
capital expenditure (including development expenditure) up 24% to GBP0.8m (2008:
GBP0.7m) and GBP0.4m (2008: GBP0.8m) of cash investment in start ups.

The Group has a strong balance sheet, with no long-term financial liabilities.
In addition, the Group has agreed but unused debt facilities of GBP1.25m, with
which to support future investments.

Dividend

Along with other companies and in the interest of shareholders, the Board has
decided to pay a second Interim dividend and not to propose a final dividend.
In view of our strong performance and balance sheet, the second Interim dividend
will be 0.70p per share (2008 final: 0.35p) making a total dividend for the year
of 1.20p per share (2008: 1.05p). This dividend will be paid on 1st April
2010, to shareholders on the register at 26th March 2010.

Five year record

The five year table below illustrates how our strategic decisions to enter the
digital TV distribution business, acquire Optimad and expand internationally is
now paying off:


+------------------------+--------+--------+------+------+------+
| | 2005 | 2006 | 2007 | 2008 | 2009 |
+------------------------+--------+--------+------+------+------+
| | GBPm | GBPm | GBPm | GBPm | GBPm |
+------------------------+--------+--------+------+------+------+
| Turnover | 3.73 | 4.34 | 6.89 | 7.44 | 8.08 |
+------------------------+--------+--------+------+------+------+
| Profit before tax | (0.28) | (0.21) | 1.25 | 1.12 | 1.68 |
| (normalised)* | | | | | |
+------------------------+--------+--------+------+------+------+

* NOTE:before GBP0.22m per annum amortisation of intangibles created upon
acquisition of Optimad

The benefits of our diversification into new service areas as well as new
territories are clearly visible in the quality of these Group results which have
withstood the vagaries of the recession extremely well.

Our initial and considerable GBP5m+ investment in our UK TV delivery service
some years ago, including building our bespoke technology platform and our
subsequent GBP3m acquisition of Optimad (including the CARIA TV data
administration system) have laid the foundations for development of these new
revenue streams and territories, at a far lower marginal investment, going
forward. The Group has always written off all prior development costs rapidly,
despite its sustained expansion into new services and geographies.

An added benefit of IMD's strategy is that our new services also support each
other. For example our new Paris office, which was established to set up
domestic distribution of TV commercials in France, was able to sell our new
cross border delivery service IMD World, before we actually delivered any
commercials domestically inside France.

I am also pleased to report we are now seeing the fruits of past investments
coming through, as Digital and Germany became profitable in 2009 and our
start-up losses are now modest and confined to France. I am confident our
carefully planned dual expansion programme, based upon the combination of new
services and new geographies, will underpin our future growth for some time to
come.

David Haynes
Chairman
12 March 2010


CEO's TRADING REVIEW

IMD's ability to launch successful new services and build new geographic
territories became very apparent in 2009.

Last year we launched no fewer than five new services, which all generated
revenue and by the end of their first year, they accounted for 10% of Group
turnover (new services 2008: 4%). The new services that started to generate
revenue during 2009 were:

IMD World - delivery of finished TV commercials from one production centre
to our network of over 90 countries for broadcast

PubID - generation of unique identification numbers for commercials in
France

Sponsorship Delivery - digital delivery of TV sponsorship 'idents' piloted
for ITV's X-factor

Media Engine - preparation and delivery of commercials for internet
delivered TV services

Subtitling - creation and insertion of subtitles into TV commercials

Geographically, we also grew our activities across the German-speaking
territories, in Ireland and in France during the year and these regions now
account for over 10% of Group turnover.

Detailed below is an operational analysis of the Group, under our three key
strategic headings of the UK, International and Digital:

UK

IMD Radio maintained its market share in the distribution of finished radio
commercials. This was once IMD's only business activity - but as expected (and
despite a pick up towards the end of the year) IMD Radio's revenues declined
sharply during the recession and dropped by 27% to GBP1.2m (2008: GBP1.7m),
representing just 15% of Group turnover. The decline was less in the second
half of the year at 12% compared to 40% in the first six months.

Radio delivery is cyclical. As marketing budgets are cut, radio advertising has
always been one of the first elements to be removed from media schedules. As
radio stations decrease their volume of advertising, the freed up airtime is
readily filled by more editorial content and as a result, the number of radio
advertising 'spots' drop. So, our revenue also falls as it is based on the
number of commercials delivered.

IMD TV, our delivery service for finished TV commercials into the UK, remains
our single largest revenue stream, however, strategically our dependence on it
has reduced and it now only accounts for 37% of revenue (2008: 47%).

Unlike radio, the dramatic and first ever double digit drop in the UK TV
advertising market did not translate into a volume reduction for the TV
commercial delivery market. Practicalities and regulation prevent the TV
industry from cutting its volume of advertising in the same way as radio and
whilst some brands reduced their TV advertising activity, others increased it.
The net result was that market volumes for delivering TV commercials were fairly
flat and recession resistant, a key factor in our strong performance despite the
state of the media market.

Notwithstanding a flat delivery market, IMD TV's revenues did fall slightly as
we lost our largest (and only) reseller client in early February 2009, as
previously announced. Although this client had accounted for 31% of IMD TV's
revenue in 2008, our successful strategy of selling directly to its previous
end-user clients (and making them direct clients of IMD) and other new account
wins, meant that IMD TV's revenues dropped only 15%. As a result, the decline
was less in the second half of the year at 9% compared to 22% in the first six
months.

Including UK sales of IMD World (described below in the International section)
which was launched in March as a direct consequence of the reseller loss, all UK
sales of TV distribution rose by 11% in the second half after a fall of 7% in
the first six months. Over the full year these revenues rose 2% to GBP3.6m
(2008: GBP3.5m).

IMD Fastrax, our delivery service for finished music videos, grew by 15% in
2009. Revenues grew because both the number of delivery points and client
usage have increased.

IMD Data services grew 15% to GBP1.6m (2008: GBP1.4m) driven by an increase in
clients and additional integration work linking the industry standard CARIA
system that we operate into broadcasters' own systems and by extending our role
in the industry.

As well as IMD World, three other new services contributed positively to our UK
performance:

We concluded an agreement with The Mill to participate in Adtext, a TV
advertisement subtitling business, launched with IMD's help in 2008. Over 15%
of UK viewers watch TV with subtitles switched on, therefore a commercial
without subtitles may not deliver its message. Adtext has rapidly built its
position to become the market leader, both in terms of quality and share, in
this important niche.

In the middle of 2009 we launched our Media Engine service for ITV. This new
service prepares all the short-form video used in ITV's internet delivered TV
services (primarily the ITV Player) and is described in the Digital section
below.

Also last summer, we piloted a service for the digital delivery of Sponsorship
'idents' on the "X Factor" in conjunction with ITV and the brand TalkTalk.
This brought benefits all round, including cost savings and greater delivery
speeds. This service is now being offered to all broadcasters

INTERNATIONAL

Revenue up 366% to GBP1.4m (2008: GBP0.3m)

Following the recently announced acquisition of the other 50% of our
joint-venture IMD Adsat in Ireland and the acquisition of the related Adsat
radio commercials distribution business described below, we now have wholly
owned operations in three regions outside the UK:

Germany, Switzerland and Austria ("GSA")
France
Ireland

GSA's revenues grew by 229% in 2009 and this operation is now profitable. The
main service in this region is the delivery of TV commercials to the three
German speaking territories. During 2009 we completed our digital connections
with all the major broadcasters across all three countries and our current
penetration of the TV commercial delivery market in Germany stands at around
15%. We have also sold IMD World to German clients.

In France we developed three new sources of revenue. Ahead of the launch of a
domestic digital TV distribution service, we were able to offer IMD World to
clients in France and generate significant revenues from this.

As expected, much of the year was spent developing our network of digital
connections to broadcasters for our TV commercials delivery service. As we
found in the UK, this requires a considerable upfront investment of time to
cater for the particular requirements of each broadcaster, but it is ultimately
well worth it. Today we have digital connections to five broadcasters,
including the market leader TF1, with all remaining major broadcasters on course
to follow shortly. As a result, we are now generating material revenue from our
domestic delivery service in France.

The third important source of revenue from France comes from the development of
a service to support the new PubID initiative in France. PubID is another
'industry level' service (like CARIA ) that IMD offers through IMD Optimad. It
is sponsored by the advertisers', agencies' and sales houses' trade associations
and commissioned by the cross-industry body ARPP. PubID will generate unique
identification numbers for commercials in France for use by agencies,
advertisers, post production houses, the regulatory authority and broadcasters.
It's the first service that the group has originated outside the UK.

In Ireland, IMD Adsat's revenues grew by 16% in 2009.

In early March 2010 we announced the acquisition of the 50% of the IMD Adsat
joint venture that we didn't already own, together with 100% of the business and
assets of Adsat. The total cost of these acquisitions was GBP122k and was
funded from our own cash reserves. The Board anticipates that these acquisitions
will be immediately earnings enhancing.

IMD Adsat, in which we have held a 50% stake since its inception in 2004,
distributes TV commercials domestically in Ireland (our IMD TV business) and
Adsat distributes radio advertisements (our IMD Radio business). These two
services share many clients and their acquisition by us now makes our offering
in the Irish market more comprehensive and compelling. We also operate
CARIA in Ireland, so we now have a line up of three services there.

The launch in early 2009 of IMD World in all IMD's offices was an outstanding
success and contributed significant revenue in 2009. IMD World delivers
finished TV commercials from one production centre to our network of over 90
countries for broadcast. This service provides the last step in the
international "re-versioning" of finished commercials, which is an increasingly
popular process to dramatically reduce production costs by localising 'core'
commercial material in one country for broadcast in multiple local markets.

DIGITAL

The middle of 2009 saw the launch of our Media Engine service with ITV as our
first client. This service prepares TV advertisements, sponsorship and
promotions for use across ITV's VOD (Video on Demand) services - such as ITV
Player. This has increased both the quality and efficiency of ITV's VOD
processes.

2009 has also seen a strong rise, albeit from a low base, of revenue from
agencies and post production houses for the delivery of TV advertisements to
digital media owners (e.g. AOL, MSN and 4OD), thanks to the rise in online video
advertising. Often these commercials are also delivered to "linear"
broadcasters (e.g. ITV) as well as to these new "non-linear" digital media
owners.

VOD is increasing the overlap between traditional, linear and new non-linear
media in terms of both the advertising material used and the handling of
campaigns by agencies and sales houses. This convergence is helping IMD gain
traction in digital media from its strong base in traditional, linear broadcast
media.

Outlook

Our revenues in the first two months of the new financial year are in line with
management expectations and up 21% compared with last year. We are seeing
growth in every area of our operations and our international businesses continue
to perform very strongly. UK Radio has been delivering good growth since the
last quarter of 2009.

Our prime focus is to continue building our new and existing revenue streams by
maintaining our focus on organic development and exploiting the strong growth
opportunities available.

Given the strength of our balance sheet and cash flow, we may also look to build
upon the two Irish acquisitions we have just made but only if we can find
complementary businesses at the right price.

As a result of the Group's strategy of low cost diversification into new service
areas and new territories, and the sustained high performance and commitment of
our employees which is greatly appreciated, the Board remains confident of the
future prospects for the Group.

Simon Cox
Chief Executive
12 March 2010


CONSOLIDATED INCOME STATEMENT

+--------------------------------------------+----------------+----------+----------------+
| | 2009 | | 2008 |
+--------------------------------------------+----------------+----------+----------------+
| | GBP'000 | | GBP'000 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| TURNOVER | 8,082 | | 7,444 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Cost of sales and overheads | (6,626) | | (6,514) |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Operating profit before amortisation of | 1,678 | | 1,152 |
| acquired intangibles | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Amortisation of customer related | (222) | | (222) |
| intangibles | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| OPERATING PROFIT | 1,456 | | 930 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Finance expenditure | (2) | | (33) |
+--------------------------------------------+----------------+----------+----------------+
| | -------------- | | -------------- |
+--------------------------------------------+----------------+----------+----------------+
| PROFIT BEFORE TAX | 1,454 | | 897 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Tax charge | (381) | | (250) |
+--------------------------------------------+----------------+----------+----------------+
| | ------------- | | ------------- |
+--------------------------------------------+----------------+----------+----------------+
| PROFIT FOR THE YEAR | 1,073 | | 647 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Other comprehensive income/(expense) | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Translation difference on overseas | - | | (8) |
| operations | | | |
+--------------------------------------------+----------------+----------+----------------+
| | ------------- | | ------------- |
+--------------------------------------------+----------------+----------+----------------+
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,073 | | 639 |
+--------------------------------------------+----------------+----------+----------------+
| | ======= | | ====== |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| PROFIT PER SHARE | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| BASIC | 3.14p | | 1.89p |
+--------------------------------------------+----------------+----------+----------------+
| | ====== | | ====== |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| DILUTED | 3.12p | | 1.88p |
+--------------------------------------------+----------------+----------+----------------+
| | ====== | | ====== |
+--------------------------------------------+----------------+----------+----------------+



CONSOLIDATED BALANCE SHEET

+----------------------------+------------------+-----------------+
| | 2009 | 2008 |
+----------------------------+------------------+-----------------+
| | GBP'000 | GBP'000 |
+----------------------------+------------------+-----------------+
| | | |
+----------------------------+------------------+-----------------+
| ASSETS | | |
+----------------------------+------------------+-----------------+
| Non-current assets | | |
+----------------------------+------------------+-----------------+
| Intangible assets | 2,357 | 2,570 |
+----------------------------+------------------+-----------------+
| Property, plant and | 653 | 422 |
| equipment | | |
+----------------------------+------------------+-----------------+
| Deferred tax asset | 178 | 296 |
+----------------------------+------------------+-----------------+
| | ------------- | ------------- |
+----------------------------+------------------+-----------------+
| | 3,188 | 3,288 |
+----------------------------+------------------+-----------------+
| | ------------- | ------------- |
+----------------------------+------------------+-----------------+
| Current assets | | |
+----------------------------+------------------+-----------------+
| Trade and other | 2,226 | 1,823 |
| receivables | | |
+----------------------------+------------------+-----------------+
| Cash and cash equivalents | 893 | 191 |
+----------------------------+------------------+-----------------+
| | ------------- | ------------- |
+----------------------------+------------------+-----------------+
| | 3,119 | 2,014 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Total assets | 6,307 | 5,302 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| LIABILITIES | | |
+----------------------------+------------------+-----------------+
| Non-current liabilities | | |
+----------------------------+------------------+-----------------+
| Deferred tax liabilities | 69 | 66 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Current liabilities | | |
+----------------------------+------------------+-----------------+
| Financial liabilities | - | 308 |
+----------------------------+------------------+-----------------+
| Trade and other payables | 1,461 | 1,058 |
+----------------------------+------------------+-----------------+
| Current tax liabilities | 255 | 208 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| | 1,716 | 1,574 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Total liabilities | 1,785 | 1,640 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| | | |
+----------------------------+------------------+-----------------+
| Net assets | 4,522 | 3,662 |
+----------------------------+------------------+-----------------+
| | ====== | ====== |
+----------------------------+------------------+-----------------+
| | | |
+----------------------------+------------------+-----------------+
| Called up share capital | 3,415 | 3,415 |
+----------------------------+------------------+-----------------+
| Share premium account | 86 | 86 |
+----------------------------+------------------+-----------------+
| Other reserve | (1,218) | (1,295) |
+----------------------------+------------------+-----------------+
| Retained earnings | 2,239 | 1,456 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Total equity | 4,522 | 3,662 |
+----------------------------+------------------+-----------------+
| | ====== | ====== |
+----------------------------+------------------+-----------------+



CONSOLIDATED CASH FLOW STATEMENT

+------------------------------------------+----------------+-----------------+
| | 2009 | 2008 |
+------------------------------------------+----------------+-----------------+
| | GBP'000 | GBP'000 |
+------------------------------------------+----------------+-----------------+
| Cash flows from operating activities | | |
+------------------------------------------+----------------+-----------------+
| Profit for the period | 1,073 | 647 |
+------------------------------------------+----------------+-----------------+
| Adjustments for: | | |
+------------------------------------------+----------------+-----------------+
| Tax charge | 381 | 250 |
+------------------------------------------+----------------+-----------------+
| Finance expenditure | 2 | 33 |
+------------------------------------------+----------------+-----------------+
| Depreciation and amortisation | 828 | 1,174 |
+------------------------------------------+----------------+-----------------+
| Profit on disposal of fixed assets | - | (1) |
+------------------------------------------+----------------+-----------------+
| Exchange rate differences | - | (8) |
+------------------------------------------+----------------+-----------------+
| Share option charge | 77 | 70 |
+------------------------------------------+----------------+-----------------+
| Increase in trade and other receivables | (404) | (43) |
+------------------------------------------+----------------+-----------------+
| Increase/(decrease) in trade and other | 404 | (51) |
| payables | | |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Cash generated from operations | 2,361 | 2,071 |
+------------------------------------------+----------------+-----------------+
| Tax paid | (214) | (377) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Net cash generated from operating | 2,147 | 1,694 |
| activities | | |
+------------------------------------------+----------------+-----------------+
| | -------------- | --------------- |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+
| Cash flows from investing activities | | |
+------------------------------------------+----------------+-----------------+
| Purchases of property, plant and | (578) | (313) |
| equipment | | |
+------------------------------------------+----------------+-----------------+
| Sale of property, plant and equipment | - | 1 |
+------------------------------------------+----------------+-----------------+
| Intangible asset additions | (267) | (369) |
+------------------------------------------+----------------+-----------------+
| Interest received | 1 | - |
+------------------------------------------+----------------+-----------------+
| Interest paid | (3) | (33) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Net cash used in investing activities | (847) | (714) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+
| Cash flows from financing activities | | |
+------------------------------------------+----------------+-----------------+
| Dividends paid to Company's shareholders | (290) | (478) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Net cash used in financing activities | (290) | (478) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+
| Net increase in cash and cash | 1,010 | 502 |
| equivalents | | |
+------------------------------------------+----------------+-----------------+
| Cash and cash equivalents at beginning | (117) | (619) |
| of year | | |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Cash and cash equivalents at end of year | 893 | (117) |
+------------------------------------------+----------------+-----------------+
| | ======= | ======= |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+

+--+-------------------------------------------------------------------+
| 1.| ACCOUNTING POLICIES |
+--+-------------------------------------------------------------------+
| | The financial information set out in this announcement has been |
| | prepared in accordance with the recognition and measurement |
| | principles of IFRS as endorsed for use in the European Union. |
+--+-------------------------------------------------------------------+
| | |
+--+-------------------------------------------------------------------+
| 2.| ANNUAL REPORT |
+--+-------------------------------------------------------------------+
| | The financial information set out in this announcement, which was |
| | approved by the Board of Directors on 12 March 2010, does not |
| | comprise statutory accounts. The statutory accounts for the year |
| | ended 31 December 2008 have been delivered to the Registrar of |
| | Companies and included an audit report which was unqualified and |
| | did not contain statements under s237(2) or (3) of the Companies |
| | Act 1985. The statutory accounts for the year ended 31 December |
| | 2009 will be delivered to the Registrar of Companies in due |
| | course. |
+--+-------------------------------------------------------------------+
| | |
+--+-------------------------------------------------------------------+


- ENDS -

This information is provided by RNS
The company news service from the London Stock Exchange
END

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