26th Sep 2013 09:08
LONDON (Alliance News) - Venture capital corporation Westside Investments Thursday said it swung to a profit in the first-half, boosted by a strong performance from its sports coaching business.
The firm, which holds stakes in sports and leisure company, Pantheon Leisure PLC, posted pretax profit of GBP3,651 for the period ended 30 June, compared with a GBP139,621 loss a year earlier.
Revenue jumped to GBP1.1 million, from GBP795,578 in 2012, despite mixed fortunes across the portfolio.
The group headed by Pantheon reports operating profits of GBP14,667, down from GBP16,406 a year earlier.
The Elms Group, however fared better, with Sports In Schools Limited, which delivers sports teaching in classrooms during term time, posting a 14% increase in revenue to GBP629,031 and contributing a divisional profit of GBP79,183.
The Elms Small Sides Football, which includes 5-a-side football activities, saw revenue decline 2.4% to GBP241,416, resulting in an operating loss of GBP7,977.
Westside did not explain why revenue declined for Pantheon and its football arm.
The company's media business, Aeorema, posted a 35% increase in pretax profit for the six months to December 2012 to GBP98,382.
Messaging, the AIM-traded provider of innovative messaging services completed a buyback and cancellation of some 40 million shares following a tender offer that closed in May. This transaction enabled Westside to dispose of 82% of its holding for GBP202,676 equating to 1 pence per share.
The company now holds a 3.9% stake in Messaging.
Looking ahead, Westside said it anticipates further growth in its sports coaching activities as Elms Sport in Schools develops additional links with schools currently served and for it to engage with more schools.
As is customary, Westside is not recommending the payment of a dividend, it said.
Shares in the company were trading at 0.200 pence Thursday, down 0.050 pence or 20.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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