The management of media and advertising company Internet Group has announced ambitious forecasts for the year 2009. Sales are supposed to grow to PLN 461m, or EUR 136.4m (this year’s forecast is PLN 416m) while the net income should jump to PLN 34.1m up from PLN 14.1 in 2008. Next year, the company plans to pay out dividend.
“I believe that the present market capitalization does not reflect the company’s state and future potential”, Ryszard Wojciechowski, Internet Group CEO said.
IGroup is waiting for the approval from financial market authorities to issue new shares. The company wants to raise PLN 10m. If it is successful, part of the funds will be spent to pay back debts (last year’s acquisition of Call Center Poland was financed from credits) and further acquisitions.
“Our forecasts are based on the present structure of the group and they do not reflect possible acquisitions in the future”, the CEO said.
This year, IGroup wants to buy online media, marketing companies and those offering telecommunication services for the business. This will be possible providing that the issue is successful.
This year, the company will focus on its investment program.
“Next year, the situation will be completely different. Our subsidiaries which are in the phase of development now, will no longer generate losses. Some of them will get out of the red. That’s why we forecast so big increase of net income”, Ryszard Wojciechowski said.
(PLN 1 = EUR 0.296)