LONDON (Alliance News) - TLA Worldwide PLC Tuesday said it swung to a pretax profit in 2013, while its first quarter 2014 revenues are up over the corresponding period a year earlier.
In a statement, the athlete representation and sports marketing business said it made a USD50,000 pretax profit in 2013, compared with a USD79,000 pretax loss a year earlier. Revenue increased to USD18.6 million from USD15.0 million.
TLA said the reported results don't include an item of revenue within its baseball division, invoiced in December 2013, because it hasn't been recovered from the client. TLA began proceedings in March to recover USD1.6 million in fees it believes are due. If that sum had been included, revenue would have amounted to USD20.2 million, TLA said.
Administrative expenses increased to USD16.5 million from USD13.3 million. Amortisation of intangibles increased to USD5.0 million from USD4.4 million. Exceptional and acquisition-related costs decreased to USD782,000 from USD950,000, mainly due to the costs of integrating the two offices into one new office in New York, including a charge for an onerous lease provision relating to the former offices of Peter E. Greenberg & Associates, a New York City-based baseball practice acquired in late 2012, TLA said.
Earnings before interest, tax, depreciation and amortisation increased to USD7.3 million from USD6.6 million.
"We got into our stride in 2013, resulting in strong revenue growth, achieving the leading position in baseball representation and a rapidly expanding client list and sport marketing business. "The group's first quarter revenues are up on the same period last year and the trading momentum remains encouraging across all activities," Bart Campbell, chairman, said in a statement.
"The outlook for 2014 is positive given the new long-term media and broadcasting rights in baseball and our developing events business," Campbell added.
Campbell said the business of sport is benefiting from "excellent long-term fundamentals."
"With good trading momentum and the US baseball industry set to reap higher media rights revenues from this year, we look to deliver solid growth for the year, underpinned by excellent forward revenue visibility," Campbell said.
TLA said it will look for acquisition opportunities that allow it to consolidate and widen its position within its target markets.
TLA raised its final dividend to 0.7 pence from 0.6 pence.
TLA shares were Tuesday quoted at 39.49 pence, down 1.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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