Online music, video and entertainment company Destra Corporation has posted record revenues and profits for the first half of this financial year. Revenue was up 121% to $66.6 million and net profit before tax was up 853% to $2.9 million.
The result follows a strong performance in the previous year that earned Destra first place on the SmartCompany Dun & Bradstreet Industry Growth List for the telecommunications sector. It achieved 438% revenue growth in 2006-07.
The company says the strong half year results was due to strong growth in the Destra Media and Destra Entertainment divisions, and arose from a combination of organic growth and the impact of business acquisitions.
Since 1 July, Destra has acquired independent film and DVD distributor Magna Pacific (Holdings), leading electronic music street press publication, 3D World and high-end design and fashion publication Oyster Magazine and media and marketing services business The Square Group.
The company says operational highlights include the continued investment in content, significant progress towards the integration of acquired businesses, and strong growth in digital revenues from online music and advertising sales.
“Whilst current revenues are generated predominantly from traditional formats including cinema, DVD, pay TV and other media, Destra’s digital revenues will continue to become an increasingly significant source of growth in both the Destra Entertainment and Destra Media divisions.”
More acquisitions of complementary media and entertainment businesses are planned.
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