30th Mar 2016 10:53
LONDON (Alliance News) - Catalyst Media Group PLC on Wednesday posted a narrowed loss in the first half of its financial year, on the back of profit and revenue growth within its primary investment Satellite Information Services (Holdings) Ltd.
SIS, which covers events like horse and dog race meetings and streams the coverage live into betting shops, posted an after-tax profit of GBP6.1 million for the six months to September 30, up from GBP1.8 million a year earlier, on the back of an increased revenue at GBP111.6 million from GBP106.9 million.
Catalyst Media holds a 20.54% stake in Satellite Information Services, and its profit after tax but before valuation adjustment was up at GBP1.22 million in the six months to end-December from GBP331,000 a year earlier.
However, it made a valuation adjustment of GBP1.3 million on the stake, compared with GBP359,000 a year earlier, resulting in a loss after tax of GBP24,449, narrowed from the GBP28,655 loss it recorded a year earlier.
Catalyst Media said no decision had been made by SIS as to dividend payments and, as it needs access to funding going forward, it has entered into a loan agreement with AB Group Ltd and Harwood Holdco Ltd to provide a loan through to March 31, 2017 for up to GBP100,000. The loan is unsecured and will accrue interest at a rate of 5.0% per annum on outstanding amounts, Catalyst Media said.
"SIS continues to trade in line with SIS's management expectations and revenues and profit after tax for SIS's year ending March 31, 2016 are expected to be broadly in line with those of the previous year. However cash generation continues to be strong and the year end balance should significantly exceed that of the prior year," said Catalyst Media Chairman Michael Rosenberg in a statement.
Shares in Catalyst Media were up 3.4% at 77.00 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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