30th Sep 2014 13:55
LONDON (Alliance News) - Parallel Media Group PLC Tuesday said it swung to a loss in the first half, as it was beset by a number of issues in relation to staging events.
The sports marketing, media and digital agency posted a pretax loss of GBP443,000 for the six months to June 30, compared with a GBP657,000 profit a year earlier.
The first half resulted in a "substantial" fall in revenue to GBP572,000, compared with GBP7.6 million a year earlier.
It said this was primarily due to the Championship, formally the Ballantine's Championship, being moved from Korea to Singapore at the last minute, running the Singapore Championship with no title sponsor, a considerable reduction in secondary sponsorship, and a change in revenue recognition of the prize fund, which is no longer included as revenue.
Other events that were not staged in 2014, but were in the same period from 2013, included Premier League Golf as well as certain forecasted AIA K-Pop events. Despite the Singapore Championship breaking even, the gross profit for the group from the event fell to GBP200,000 from GBP1.8 million.
However, on a positive note, the continued operational review has resulted in total administration expenses being reduced to GBP600,000 from GBP1.1 million.
"I remain positive in spite of the various difficult challenges we faced earlier in the year, and I would like to use this opportunity to thank our board and hardworking staff, without whose support our undoubted potential would not be possible," Chairman David Ciclitira said in a statement.
The stock was trading down 4.6% at 52.00 pence Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Parallel Media Group