30th Sep 2013 08:10
LONDON (Alliance News) - Parallel Media Group PLC shares were trading up 27% after it posted increases in revenue and pretax profits following its successful running of the Ballantine's Golf Championship, which it will be re-launching in 2014 with the European Tour.
Parallel Media also cited increased events in sport and entertainment in Asia.
Shares up were up as much as 27% to 7.00 pence Monday morning, although they have since dropped back to 6.50 pence, still up 18%.
The sports-marketing media and digital agency posted revenues of GBP7.6 million in the half year ended June 30, up from GBP5.5 million in the previous year. It posted pretax profit of GBP657,000 for the half, increasing more than six-fold from GBP88,000.
"The first six months of this year, during which the group has staged five new events, has been outstanding and has seen the group record excellent results," said Chairman David Ciclitira in a statement, adding: "We continue to make progress regarding the sponsorship of the 2014 Championship tournament and are currently in discussions for several new events in the entertainment sector for next year."
Parallel Media will bring teen idol Justin Bieber to Seoul in October for a concert. However, the company cautioned that the first Volvik-Sky Lake Vietnam Masters gold tournament has been postponed from September at the request of the sponsors, and resulting revenue would now be earned in 2014.
Parallel Media has raised GBP500,000 by placing new shares which it says will remove debts it owes.
The company said it expects its full-year pretax profits to be in line with market expectations.
The company also announced that Timothy Sturm, formerly a Partner in private equity at Harwood Capital LLP, had joined the board as a non-executive director with immediate effect.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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