LONDON (ShareCast) - (ShareCast News) - Progressive Digital Media saw its adjusted earnings by 12.4% for the six months to June to £6.1m, on the back of solid investments.
The AIM-listed company posted six month revenues of £33.8m up by 13.75% year-on-year, while its business information division continued to grow and now accounts for 63% of revenue.

Progressive said it would acquire the Datamonitor Financial, Datamonitor Consumer, MarketLine and Verdict businesses from Informa for £25m in cash.

The acquisition was expected to be finished in 30 days and was subject to statutory obligations.

N + 1 Singer held a 'corporate' rating on the stock and said the interim result was good and the acquisition key.

Analysts said the acquisition will help scale the consumer unit and provide better balance between the two main business intelligence units, ICT and consumer.

"The fit is good with PRO's existing consumer offerings and while they will require some material investment and restructuring, the acquired assets should be slightly accretive to earnings in the financial year 2016 and materially in the financial year 17."

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