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Perform reports solid maiden full year results

Published: February 28, 2012 | 11:05 am
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• Digital sports rights company’s revenues up 53% to £103m
• Customers include Chelsea Football Club and Fox Sports

Digital sports rights company Perform has reported a solid set of maiden full year results with revenues up 53% to £103m, although pre-tax profits halved due to charges related to acquisitions and listing on the London Stock Exchange.

Perform, whose largest shareholder is US billionaire Leonard Blavatnik, said that adjusted earnings before, interest, tax, depreciation and amortisation rose an impressive 79% to £18.5m.

Pre-tax profits fell 52% to £3.5m, as Perform notched up charges including £3.2m relating to listing on the London Stock Exchange last April, £1.8m in acquisitions and £4.8m relating to share options.

Perform, perhaps best known for delivering the online-only broadcast of England’s international football match against the Ukraine in 2009, has four main sources of revenue.

The first is from distributing sports content to bookmakers and online media across the world, with a second stream from ads running within content on its own and others’ websites.

In its content division the company saw the number of events streamed through its Watch&Bet service increase 40% to 11,376 as the number of licensees grew by 12 to 35. Perform added rights to show events such as World Snooker and football leagues from a number of countries.

Content revenues grew 58% year-on-year to £64.9m. In the advertising and sponsorship operation video-on-demand streams viewed across its ePlayer network, which it sells pre-roll ads across, grew 240% to 3.6bn.

Advertising and sponsorship revenues from running ads in its video service increased by 129% to £6.8m. Advertising and sponsorship from digital display, mostly from ads on Goal.com, grew 90% to £7m. Of this, £4m came from ads on Goal.com.

Perform also generates revenue from managing more than 100 internet subscription channels for football clubs, sports bodies and broadcasters such as Fox Sports. Subscription revenues increased 19% to £9.5m.

The company also generates revenue from technology and production such as building websites and mobile products for companies including Chelsea Football Club.

Revenues at the division grew by 28% to £15m thanks to new customers such as al-Jazeera Sport.

“These results highlight the strong operational and financial performance we have delivered since coming to market,” said Oliver Slipper, joint chief executive of Perform. “We’ve reported substantial increases in revenues and earnings whilst significantly expanding our rights portfolio, licensees, video streams and subscriber numbers.”

Perform spent £25m in 2011 on acquisitions including Goal.com for £18m.


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