19th Jun 2014 14:00
LONDON (Alliance News) - Parallel Media Group PLC Thursday expressed confidence for 2014, after it posted a narrowed pretax loss for 2013, as a strong first half offset a loss in the second half.
The company posted a pretax loss of GBP186,000, narrowed from GBP832,000 in 2012, as revenue rose to GBP7.8 million from GBP6.2 million.
Parallel's first half was boosted by five new events. However, the inaugural Lake Vietnam Masters golf tournament scheduled for the second half was postponed, as was a Korean pop concert due to be held in December.
As a result of these delays it posted a pretax loss in the second half, which was compounded by one-off costs of GBP180,000, including costs relating to a golf event previously held in Kazakhstan.
During the year the company raised GBP2 million in two share placings to reduce its debt and provide working capital to pursue new business opportunities.
The company has opted going forward to move its Ballantine's Championship event, renamed Championship, to Singapore from Korea after it became clear that it would not be able to secure a title sponsor before the event.
Parallel said this has potentially positive implications for its business going forward, as it will be able to continue its discussions with existing title sponsors for a potential return to Korea from 2015 onwards, and for a new European Tour and Asian Tour co-sanctioned event in Singapore also targeted for 2015.
Parallel is in discussions with give different companies about title sponsorship of two golf championships in Korea and Singapore, it said.
Shares in Parallel were trading up 4.7% at 66.45 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Parallel Media Group