Acquisitions set to help Perform build on 49% revenue growth
RunningBall and Mackolik integration "progressing well" while revenue contribution from advertising doubles year-on-year.
Live streaming provider Perform Group has seen revenues increase by 49% year-on-year as it makes good progress with the integration of newly acquired businesses RunningBall and Mackolik, the company revealed in its results for the six months ended 30 June.
Revenues topped £67m in the first half, compared to £45m in H1 2011, with advertising contributing 22% of the total compared to 11% in the corresponding period last year, while adjusted profit after tax climbed 84% year-on-year to £8.6m. The company has already contracted £131m of revenues for the full year.
Co-CEO Oliver Slipper said June’s £14.6m acquisition of a controlling stake in Turkish media company Mackolik “Materially enhances our position in one of the world’s most exciting growth territories, Turkey, with high growth digital revenues and a population passionate about sport.”
Meanwhile the acquisition of live data provider RunningBall for up to 120m, a deal first announced in May, has been described by Slipper as “The largest and most significant in Perform’s history” and “A fantastic asset for our consumer portals, including Goal.com.”
The company, which floated on AIM in April 2011, has also increased the number of licensees for its Watch&Bet streaming service, with the total increasing by one third year-on-year to 40. In the second quarter of 2012 there have been two new additions to the list of licensees which already included the likes of bet365 and Unibet.
More than 7,000 events were streamed through Watch&Bet in H1 2012, a 32% year-on-year rise, while the number of events delivered through RunningBall “ which currently boasts 39 licensees “ topped 21,000.
Analyst Nick Batram of Peel Hunt issued a ‘Buy’ recommendation, citing “The strong structural drivers at play and the company’s international expansion strategy.”