LONDON, Aug 27 (Reuters) - Contracts from the soccer WorldCup and Commonwealth Games helped marketing group ChimeCommunications Plc to increase first-half operatingprofit by 50 percent, the company said on Wednesday.
Chime has been building up its sports marketing operationsand has added former Olympic champion Sebastian Coe to its boardafter buying his consultancy business almost two years ago.
"We have had a strong first half driven by our involvementin the Winter Olympics, the FIFA World Cup and the CommonwealthGames," said Chief Executive Christopher Satterthwaite.
Chime, which also has advertising and public relationsdivisions, said operating profit rose by 50 percent to 17.2million pounds ($28.5 million) in the six months to the end ofJune.
The company struck a note of caution in its outlook, sayingthere may need to be "some adjustment" if the pound remainedstrong against the dollar and the Brazilian currency.
However, Chime shares rose almost four percent to 321 penceby 0825 GMT, valuing the company at just over 300 millionpounds.
Brokerage Peel Hunt upgraded the shares to "buy" from"hold", saying it was positive that the company had started tonegotiate contracts for the 2016 Olympics.
Chime boosted its presence in motor racing last year when itbought Just Marketing Inc for $71 million, a deal criticised byChime shareholder WPP which has a stake of around 17.5percent in the company.
"WPP informed us in November 2013 that they were exploring asale of their stake. We have had no further notification," Chimesaid in the earnings release.
($1 = 0.6037 British Pounds) (Writing by Keith Weir; Editing by Mark Potter)