HONG KONG—Upstream, the AIM-listed Asia-Pacific-focused corporate and marketing communications services network, enjoyed strong revenue growth in 2006 up to $2.69 million from $2 million in 2005. Offices in China and Taiwan experienced particularly strong growth in the period, with revenue up by 190 percent in Shanghai; 46 percent in Beijing; and 74 percent in Taiwan.
The loss from operations for the year before the write off of goodwill was $89,000 following a profit of $37,000in 2005. The firm said the loss was in line with expectations and reflected the increased investment in high quality staff as the year progressed.
According to Upstream chief executive David Ketchum, “Our strategy has been to build solid foundations for success. The growth of the network capabilities and revenue in 2006 is a strong platform for our 2007 performance, which is expected to accelerate through the year. We are very encouraged by the group’s pipeline of new business, and the buoyancy in the Asia Pacific economies, and we have invested to build a world class management team and assure we have the right capabilities in place to deliver profitable growth for shareholders. The consumer and travel and corporate & financial sectors are showing particular promise, as is our business in China.”
Ketchum says the Asia Pacific economies are continuing to grow, with activity stimulated by China’s accession to World Trade Organisation and the upcoming 2008 Beijing Olympics and 2010 Shanghai World Expo. Demand for corporate and marketing communications services also remains strong, driven by rising consumer spending, the desire of multinational companies to expand their business in the region, and Asia-based companies seeking to go global.