The PA Group has seen an increase in turnover but a downturn in profit, according to its 2007 annual results published today.

The company, owner of the Press Association news agency, reported a group-wide turnover of £81.4m for 2007 – an increase of £5.9m.

But its operating profit was down from £2.6m to £1.4m after the company made significant investment in its multimedia operations and its US-based firm PA SportsTicker.

The Press Association has seen a 25 per cent growth in revenue from digital markets as it continues to establish itself as a provider of pooled video for national events to online customers.

PA Sport is still seeking a sale or outside investment into the business to ensure further growth, it has also been revealed.

Executive chairman Paul Potts said: “By the end of 2008 we will have completed our journey from a pure domestic news agency to a fully-integrated, multi-skilled, multimedia information group.

“The scale of the board’s commitment to this ambition is reflected in the investment made across the group during 2007, particularly in multimedia production and video gathering capabilities.

“The business is in good shape and we are beginning to see the new revenue streams which generate optimism for the future.”