Advertising and online gaming group Media Corp has announced an increase in group revenues of 46% to £35m for 2011, so far.

The group, which includes Eyeconomy and Purple Lounge, saw a gross profit of £5.8m, an increase of 16% on last year, with the sale of Gambling.com and Sport.co.uk bringing in £1.5m.

A one of exceptional accounting loss however will mean the group loss of around £1.1m.

Eyeconomy saw revenues grow by 160% to £7.3m, while Purple Lounge increased revenue by 29% to £27.5m.

The directors have also indicated that they plan to consider ‘appropriate bolt on acquisitions’ especially within the online gaming arena.

Justin Drummond, CEO of Media Corp, commented: "This is a pleasing performance for the financial year as the turnaround continues in key areas of the Group. Eyeconomy has experienced strong growth across all of its business divisions in 2011. Growth should continue as we add new publishers and advertisers to Eyeconomy’s fast growing advertising network.

“Purple Lounge has had another strong year against industry wide declines in online gaming revenues. The Group is continuing to successfully test a number of innovative online marketing techniques which the Directors believe will significantly increase customer signups, active players and revenues in the coming months.

“We continue to explore earnings enhancing acquisitions and look forward to providing further updates as and when appropriate.”

The full audited accounts for the Group are expected to be released in December 2011.