12th Dec 2018 11:25
LONDON (Alliance News) - Catalyst Media Group PLC on Wednesday said its profit declined significantly in its most recently ended financial year on the weak performance of its main asset.
Catalyst Media is a Hong Kong-based company that acquires, creates, and develops international and Asian sports properties.
The company said pretax profit in the year to the end of June fell sharply to GBP953,903 from the GBP3.4 million reported the year prior, on revenue of GBP25,000, unchanged year-on-year.
Catalyst Media said profit was hurt by a lower share in the profit of Sports Information Services Holdings Ltd, in which Catalyst media holds a 21% stake.
SIS has been securing its position in the domestic betting market through entering into new contracts, Catalyst Media said.
However, given a changing landscape, the new contracts have generally been on lower margins which has, and will further impact, SIS' revenue generation and profitability going forward.
Catalyst Media declared a 58 pence per share dividend for the year after securing an GBP8.2 million payout from SIS.
Catalyst Media shares were trading 4.0% lower on Wednesday at 60.00 pence each.
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