Adcorp swings to $54k net loss

Website design and advertising agency Adcorp (ASX:ADC) swung to a $54,000 1H net loss, a 98% decline from the previous corresponding period.

But Adcorp said the result was somewhat buoyed by an improvement in October and November.

Sales turnover fell 4.8% to $88 million, while margins declined 19.5% to $15.2 million as a result of the winning of a high-volume, lower margin federal government advertising contract.

Adcorp said its business was showing signs of increased buoyancy in the second half, but it did not provide an earnings forecast or declare a dividend.