LONDON (Alliance News) - TLA Worldwide PLC Tuesday said its swung to a pretax profit in the first-half of the year, buoyed by new client wins and strong growth in its sports markets business, and said it is on track to deliver double digit organic revenue growth for the full-year, together with a final dividend.
The US baseball market-focused sports management and marketing agency posted a pretax profit of USD1.2 million for the six months to June 30, compared with a USD1.0 million loss in the first-half of 2013, when it booked GBP1.4 million in costs associated with integrating the PEG business, which has a presence in the Latin American baseball market.
Revenue in the period rose 7% to USD10.0 million, up from USD9.3 million. The company said its total client base rose to 461 in the first-half, representing net new client wins of 21 or 5%.
TLA Worldwide said it continues to enjoy good visibility for the remainder of 2014, due its long-term contracted revenue of USD52 million, up 27% on a year ago.
"As a result the group remains on track to deliver double digit organic revenue growth for the full year," said Chairman Bart Campbell in a statement.
"In addition, we look to forward to 2015 with increasing confidence following our four year deal to bring the elite International Champions Cup football tournament in Asia Pacific for the first time. This will provide a material boost to revenues in 2015, positioning us for strong growth," Campbell added.
TLA Worldwide said the US and global Sports Marketing industry continues to benefit from positive long term fundamentals, which supports the steady expansion of its activities across major sports in the US and other markets.
TLA Worldwide shares were untraded Tuesday morning, quoted at 37.86 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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