26th Mar 2020 15:12
(Alliance News) - Catalyst Media Group PLC on Thursday reported an interim fall in profit, as it warned full-year results of its main investee may be hurt due to Covid-19.
The company holds 20.5% stake in Sports Information Services Holdings, making the investment its main asset.
For the six-month period to the end of December, Catalyst Media posted pretax profit of GBP320,930, down 21% from GBP408,010. Revenue was unchanged year-on-year at GBP12,500.
Administrative expenses rose to GBP51,279 from GBP49,574. Financial income fell to GBP464 from GBP4,912
In the six months to the end of September, SIS posted revenue of GBP121.1 million from GBP120.7 million and pretax profit of GBP1.7 million from GBP2.1 million in the comparative period the year before.
Looking ahead, Catalyst Media said the cancellation of horse racing events amid the Covid-19 outbreak will hurt SIS' earnings for its financial year ending March 31. However it added that SIS has suspended operations and has cash reserves of around GBP58 million to allow it resume operations when racing recommences.
As at Thursday, Catalyst Media said it has cash of around GBP300,000.
Shares in Catalyst Media were trading 2.0% higher at 52.00 pence each on Thursday afternoon n London.
By Ife Taiwo; [email protected]
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