27th Jun 2016 07:37
LONDON (Alliance News) - Ultimate Sports Group PLC on Monday said it swung to a loss in 2015 despite a small rise in revenue, and said it is confident further investments will contribute to future growth and shareholder value.
The company, which invests in sports-related activities, said it made a pretax loss of GBP356,421 in 2015, having made a pretax profit of GBP16,825 in 2014, as revenue increased slightly to GBP1.7 million from GBP1.6 million.
Pantheon Leisure, in which Ultimate Sports holds an 86% interest, saw its profit in 2015 fall to GBP67,241 from GBP400,462 in 2014. Pantheon Leisure comprises two companies: Sport in Schools Ltd, otherwise known as Elms Sport in Schools, and Football Partners Ltd.
Elms Sport in Schools, which specialises in the delivery of primary school sport, recorded flat revenue in the year of GBP1.2 million and a divisional profit of GBP144,679, up from GBP115,649 the year before.
Five-a-side football operation Football Partners saw a 6.3% rise in revenue to GBP446,510, but made an operating loss of GBP77,437.
Overall profit for Ultimate Sports also was hit by higher finance and amortisation costs, while the prior year had benefited from higher finance income and other gains.
Ultimate Sports is not recommending payment of a dividend for 2015.
Ultimate Sports added that its UltimatePlayer.me programme became fully operational in the first few months of 2016. Ultimate Player is an online platform for children which aims to measure, motivate and incentivise young children to enhance their own personal sporting performance.
"We continue to be encouraged by the success of the sports tuition activities of ESS and consider that its potential represents a significant opportunity for growth," Ultimate Sports said in a statement.
"We are confident that with sufficient additional equity investment both ESS and UltimatePlayer.me working together and taken together will achieve growth and future value for our shareholders," the company added.
Shares in Ultimate Sports were untraded on Monday, last quoted at 23.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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