chairman's report
Communication is now two-way and the consumer needs to be consulted, involved and in many cases utilised as a source of content. Photon was built around this reality.
Photon's stakeholders can be proud of our achievements in the 2008 financial year. Photon's diverse income streams are growing at least twice the rate of a traditional media company or advertising agency dependent marketing group. Overall net revenue was $376.8 million, up 94%, our EBITDA was $78.2 million, up 74% and our net profit after tax was up 33% to $21.7 million.
Our record profit this year was driven by a very strong second half. Overall like-for-like EBITDA growth of 14% was underwritten by the fact we are very much in the right place at the right time in this new marketing and communications environment. I expect our company will enjoy the benefits of this positioning over the next few years.
Today the consumer is in control and has a large choice of communication tools to receive information and respond to product offerings. One-way forms of communication using TV, radio and newspapers will always have their place but in this new consumer empowered world, they are much less relevant. Communication is now two-way and the consumer needs to be consulted, involved and in many cases utilised as a source of content. Photon was built around this reality.
At Photon we are enjoying the benefits as many CEOs and marketing directors adapt to the new world of consumer empowerment and reallocate their budgets by increasing the weighting towards areas such as internet marketing, social media, mobile, strategic analysis and research, digital, experiential, field marketing and editorial. We are also seeing a trend away from multinational agencies towards strong local independent service providers who are in touch with the local consumers.
The outlook for Photon is very positive. Our companies have a reputation for innovation and for being best in field in narrow- (not broad-) cast communications. It is great to see such dedication, drive and energy in our people to make our companies what they are.
Finally, I would like to thank our executive team, headed by Matt Bailey, and my fellow directors for the time, energy and effort they have invested in Photon. To shareholders and clients, we thank you for your continued support and we look forward to another challenging and rewarding year.
Tim Hughes
Executive Chairman
