Perform targets acquisitions after 31% revenue growth
AIM-listed company plans similar acquisitions to its Opta purchase following "successful" integration of data firm
Perform Group CEO Oliver Slipper said the sports data firm expected to close a number of acquisition deals in the next few months as it looks to expand its geographical presence after recording Q3 revenue growth of 31%.
Total revenues for the three months ended 30 September increased to £51.8m, compared to £39.5m in the same period in 2012, and the firm believes it is on course to meet its full-year revenue target despite a 34% revenue fall in its technology division.
The results follow July’s acquisition of fellow data firm Opta, which recorded Q3 revenues of £5.2m, for approximately £40m and chief executive Oliver Slipper said that similar product deals were on the horizon.
“Our acquisition pipeline remains strong and we expect to close a number of deals in the coming months, which together with prior acquisitions and our organic investments will continue to strengthen our market position and drive our long-term sustainable growth,” he said.
“We continue to execute against our growth strategy and are investing in new content and expanding our geographical presence,” Slipper added. “We successfully completed the acquisition of the sports data business Opta in July and since acquisition the business has performed strongly and integration is on track.”
A spokesperson for Perform Group told eGaming Review this morning that it was possible two acquisitions would be completed by the end of the year.
EBITDA expectations have been downgraded by £4m after its technology and production service recorded revenues 34% lower than anticipated at £2.4m.
Slipper outlined in an analyst call following the results that without the Opta acquisition, which he said would be key for the business during the 2014 FIFA World Cup, the firm would have recorded year-on-year revenue growth of 18%.
The AIM-listed company also increased the number of licensees for its Watch&Bet streaming service, with the total increasing to 45 compared to 40 in the same period last year. Watch&Bet streamed 4,339 live events in Q3 2013 while the number of events delivered through RunningBall, “ which currently has 54 licensees, reached 19,704.