Perform’s pre-tax profit slumps in ‘disappointing’ 2013

Perform Group suffered a 75% year-on-year fall in pre-tax profits in 2013 due to an increasing cost base in a “disappointing” year, the digital sports media company has confirmed.

In the 12 months through to December 31, 2013 the company’s revenue increased by 37% to £208 million (€252 million/$347.3 million), but pre-tax profit fell to £4.1 million from £16.3 million.

In addition, adjusted EBITDA of £36.4 million for 2013 represented a 3% fall on the £37.5 million recorded in 2012. Adjusted profit before tax also fell by 14% from £30.3 million in 2012 to £26 million in 2013.

However, the company did say that the number of licensees for Perform’s Watch&Bet service for bookmakers increased by 40 to 46 and added that 16,543 events were streamed via Watch&Bet last year – a 12% increase on 2012.

Oliver Slipper, joint chief executive officer of Perform Group, said: “Notwithstanding strong growth in revenues our financial performance in 2013 was disappointing.

“We made good progress on executing against our strategy notably with the acquisition of Opta, which significantly enhances our existing sports data offering, and the launch of Perform Sporting News, a top seven US digital sports media property.

“However, the performance in the second half, notably in Display Advertising and Sponsorship in Q4, was significantly below our expectations.

“The Group’s rapid expansion has also led to a significant increase in our cost base. We are now taking the opportunity to address this and have already put in place a series of plans and initiatives.

“Our focus in 2014 is to ensure that these plans are well executed and, in turn, deliver on the significant potential inherent within the Group.”

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