Photon writes down DBS investment but flags healthy growth for group

Australian-based marketing services group Photon has announced a lower profit figure after writing down the value of its investment in Brisbane-based internet company Dark Blue Sea which it failed to take over in 2007.  

As a result of marking down the value of its investment in DBS, the company said in its half yearly results that it was announcing a profit of just over $5m, down 39% on the same period a year before.

But despite the move – based on accountancy best practice – the company said that overall it was on track, with revenues and underlying profits up and several of its agencies outperforming their competitors. The company said revenue had increased 36% to $333m and underlying net profit after tax had increased 10% to $9.5m.

Chairman Tim Hughes told Mumbrella: “We’re streetfighters, and that’s reflected in our results. It’s all about market share at the moment.”