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PERFORM PROFITS PLUNGE IN 2013
Wednesday March 5,2014 : PERFORM PROFITS PLUNGE IN 2013
75 percent decline in pre-tax profits attributed to higher costs in a bad year, says digital sports media firm.
The Perform Group, a digital sports media company in the UK, posted a shocker of an annual report this week, reporting a 75 percent year-on-year decline in pre-tax profits, which it blamed on rising costs and a tough business year.
For the year ended December 31 the company reported revenues up by 37 percent to GBP 208 million, but pre-tax profit plummeting to GBP 4.1 million (FY 2012: GBP 16.3 million).
EBITDA was impacted, falling 3 percent to GBP 36.4 million, prompting CEO Oliver Slipper to observe:
“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."
On the brighter side, Perform’s Watch&Bet service for bookmakers increased its number of licensees by six to 46, and the company achieved a 12 percent increase in events streamed - an additional 16,543 were delivered through Watch&Bet.
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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