26th Sep 2019 12:00
(Alliance News) - Investment firm Ultimate Sports Group PLC on Thursday reported a narrowed first half loss on a revenue rise, and said it is reviewing potential acquisitions.
In the six months to June 30, the company reported a pretax loss of GBP15,258 narrowed sharply from GBP45,552 in the first half of 2018. Revenue grew by 18% year-on-year to GBP943,333 from GBP800,836.
Net assets fell by 1.5% to GBP451,366 from GBP458,300 at the end of December, and by 16% year-on-year from GBP539,776.
The company has an 86% stake in Pantheon Leisure PLC, which reported a 42% interim profit rise to GBP62,533 from GBP43,913, Ultimate Sports said.
Pantheon's sport & leisure division owns the Sport in Schools Ltd brand which posted an 18% rise in first half revenue to GBP943,392 from GBP800,705, Ultimate Sports added.
Looking ahead, Ultimate Sports said its focus is to develop Sports in Schools and to "carefully appraise any and all acquisition opportunities".
The company said: "The board is currently reviewing a number of acquisition opportunities operating in high growth markets. These opportunities are at various stages of discussion and there is no guarantee that they will result in a transaction."
Shares in Ultimate Sports were 1.3% higher at 24.82 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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