28th Apr 2005 07:00
First Artist Corporation PLC28 April 2005 28 April 2005 First Artist Corporation plc ("First Artist") AGM Statement At its Annual General Meeting today, First Artist will make the followingcomments on current trading, prospects and strategy. Trading First Artist is pleased to report that the actions taken by the Board over thepast twelve months to reduce overheads and improve the efficiency of thebusiness are producing encouraging results. The balance of our business is heavily weighted to the second half of ourfinancial year. Our first half results, for the period to 30 April 2005, willonly contain one month's player trading activity, however, we have significantlyreduced the operating cost base and as a result we will report an improvedfinancial performance over the corresponding period last year. Looking forward, we are encouraged by the levels of activity for the summertransfer window and by the progress of our recently established Media division,which is now entering its second profitable year. Overall we are confident ofachieving our corporate and financial objectives for the year. Strategy Our strategy is to diversify and reduce our dependence on the football market bydeveloping a business utilising our skills in personality and player management,plus wealth and event management and promotions. Over the past twelve months wehave identified and evaluated a number of potential acquisition opportunities.We have made significant progress in this area and will update the market ofdevelopments in the near future. Notwithstanding the above, we still firmlybelieve that the global football market offers exciting growth potential andthrough our leading First Artist brand we are extremely well positioned tocapture this growth. Recent Developments In March 2005 we announced the appointment of Tim Chadwick as non executivechairman. Tim has a strong track record of growing companies through acquisitionand his M&A and financing experience will be invaluable to us as we grow ourbusiness both organically and by acquisition in the coming years. We are in the course of relocating our Asia Pacific operations from Singapore toQatar in order to exploit fully the opportunities being offered to us in theMiddle East market. We look to the future with increasing confidence as the group enters an excitingnew stage of its development. - ends - For further information, please contact: First Artist Corporation PLCJon Smith, Chief Executive 020 8900 1818Richard Hughes, Finance Director Smithfield ConsultantsGeorge Hudson 020 7360 4900 Notes to Editors First Artist Corporation plc (FAN.LN) was founded by Chief Executive Jon Smithin 1986. It is one of world's leading football management groups with offices inLondon, Milan, the USA and Middle East. It was one of the first footballagencies to IPO, joining the London Stock Exchange in December 2001. FirstArtist's primary revenue generation stream is from commission from the transferof football players or the regeneration of their contracts. The Group is now oneof a handful of agencies whose personnel hold both FIFA match and transferlicences. It is working with other leading European agencies, senior Europeanclubs and leagues to enhance the position, reputation and transparency of thefootball transfer market and in particular the role of agents. First Artist also offers a complete in-house management service with specialistdivisions for Marketing, Media Management, Television /Media Production, EventProduction and Sponsorship. The Media/Commercial Division represents topsporting and TV personalities. First Artist's client roster exceeds 200individuals primarily involved with the sports and television industry. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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