17th Jun 2015 09:48
LONDON (Alliance News) - AIM-listed investment company Westside Investments PLC Wednesday posted a swing to a small profit in 2014, and said that during the year it continued to develop its UltimatePlayer.me online platform for which it expects to launch a pilot in the second half of 2015.
Westside Investments holds a 85.87% interest in Pantheon Leisure PLC, as well as a joint venture with Bruce Rowan called Westside Mining PLC, a 3.9% interest in Messaging International PLC, and held a 3.5% interest in Aeorema Communications PLC which it has reduced since the year end.
Pantheon saw a positive performance from its Sport in Schools division, delivering revenue of GBP1.24 million compared to GBP1.23 million in 2013.
The company has been working on developing an online sports platform for children called UltimatePlayer.me since 2013, and plans to launch a pilot of the project in the second half of 2015.
The company posted a pretax profit of GBP6,250 for 2014, swung from a pretax loss of GBP379,742 in 2013, on revenue of GBP1.6 million, due to lower operating costs, and boosted by a GBP412,188 gain from the sale of investments.
"We are confident that Sport in Schools and UltimatePlayer.me working together and taken together will represent the growth and future value to shareholders of Westside Investments PLC. At the time of the pilot launch of UltimatePlayer.me, Westside will consider changing its corporate name to reflect the increasing emphasis of the group on sports-related activities," the company said in a statement.
Shares in Westside are trading up 2.1% at 0.225 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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