Sports media rights business Perform Group reported half yearly pre-tax losses of 4.18 million, increasing corporate losses from £2.6 million.
Perform Group reported increased gross revenues of 118.8 million, up 29% on 2013 figures. The company posted adjusted EBITDA of £15.6 million.
Senior management commented that the rise in revenues had been driven by strong display advertising sales during the Brazil World Cup. Perform had also released optimised advertising products during the first half of 2014, which improved advertiser targeting.
Joint CEO Simon Denyer, stated that the company had undertaken cost reductions plans in order to streamline business divisions of the media rights company. Denyer stated that these would aid Perform Group long term growth strategy.
“Our priority for H1 has been to deliver on our cost reduction plans without disrupting the business.
“Since outlining those plans earlier in the year, we’ve made significant progress and accordingly are on track to achieve the benefits we targeted, which we expect to start seeing come through in H2.
“In terms of financial results, revenue growth in the period has been strong, reflecting a good performance across the Group and benefits from acquisitions, whilst our profitability reflects the legacy cost base we entered the year with.
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