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Perform to rein in costs after disappointing year

LONDON (Reuters) - Sports rights group Perform said it planned to rein in costs after a disappointing year when profits slipped despite growth in revenue.

The results were not a surprise as Perform had warned in December that annual earnings would be significantly below expectations and fall short again in 2014, sending its shares plunging by more than 50 percent.

"Notwithstanding strong growth in revenues our financial performance in 2013 was disappointing," said joint Chief Executive Oliver Slipper.

"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," he added.

Revenue grew 37 percent to 208 million pounds ($347.7 million)in 2013 but earnings before interest, tax, depreciation and amortization (EBITDA) slipped 3 percent to 36.4 million as higher costs and a disappointing advertising performance took their toll.

Perform, which listed on the London stock exchange three years ago, buys online rights to major sports events and supplies video clips or live action to groups including newspaper publishers and bookmakers.

"The Group is on track to deliver full year revenue and EBITDA growth in line with the Board's expectations as revised in December 2013," the company said.

(Writing by Keith Weir, Editing by Brenda Goh)