27th Mar 2019 10:00
LONDON (Alliance News) - Catalyst Media Group PLC on Wednesday said its net asset value fell in the first half of its financial year following a fall in the value of its holding in Sports Information Services Holdings Ltd.
The investment company reported a pretax profit of GBP408,010 for six months to the end of 2018 compared GBP330,822 a year earlier. Revenue remained flat at GBP12,500.
Net assets as at December 31 were GBP14.8 million, down from GBP26.5 million at the end of June 2018.
Catalyst Media holds 21% stake in Sports Information Services and, in October 2018, the company received a dividend of GBP8.2 million.
Following the payment of a dividend totalling GBP12.2 million, the value of Catalyst Media's investment in Sports Information Services reduced to GBP14.3 million from GBP21.2 million.
As a result, the net assets per share as at December 31 were 70.2 pence, down from 122.5p a year ago. Catalyst Media shares were flat on Wednesday at 69.00p each.
Looking ahead, Chair Michael Rosenberg said: "SIS has confirmed it expects to achieve a profit before tax, excluding profit on sale of SIS Live and before certain charges, for the year to the end of March 2019 towards the upper end of previous guidance and that SIS continues to expect to announce a dividend after the end of its current financial year. As and when received, the company anticipates it will distribute such funds to shareholders."
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