Perform makes ‘significant progress’ in first half

Digital sports media company Perform Group said it made ‘significant progress’ with its cost reduction plans during the six months through to June 30, 2014 after it posted a year-on-year jump in revenue.

The firm reported revenue of £118.8 million (€150.5 million/$197.7 million) in the first half, up 29% on the £92.4 million achieved in the same period last year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) remained flat at £15.6 million but adjusted profit before tax fell by 17% to £8.7 million.

Perform also recorded a 126% leap in the number of betting and media clients, while a strong display advertising performance during football’s 2014 Fifa World Cup also helped to drive revenues and deliver 118 million unique users to its various websites.

Perform said that it had progressed well with its cost reduction plan, with total cost base for the full year expected to be about £200 million.

Perform also noted that it had experienced a positive start to the second half, with strong growth in year-on-year revenue and adjusted EBITDA.

Simon Denyer, joint chief executive officer of Perform Group, said: “Our priority for H1 has been to deliver on our cost reduction plans without disrupting the business. 

“Since outlining those plans earlier in the year, we’ve made significant progress and accordingly are on track to achieve the benefits we targeted, which we expect to start seeing come through in H2.

“In terms of financial results, revenue growth in the period has been strong, reflecting a good performance across the group and benefits from acquisitions, whilst our profitability reflects the legacy cost base we entered the year with.

“For the full year, we remain confident that the group will deliver full year revenue and adjusted EBITDA in line with the board’s expectations.”

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