LONDON (Alliance News) - TLA Worldwide PLC Monday said it appointed a new chief financial officer as it reported a swing to a first-half pretax loss after administrative expenses and finance costs rose beyond the last half-year's levels.
TLA advises and manages athletes in baseball and golf, as well as media personalities, while also operating businesses in marketing and corporate consulting. It said it swung to a USD990,000 pretax loss for the six months to June 30, compared with a USD695,000 pretax profit in the corresponding period a year prior.
Separately, TLA said it appointed a new chief financial officer, Donald Malter, 48, with immediate effect after Gareth Jones stepped down to pursue other interests.
"The board remain confident the group is trading in line with 2013 expectations. The business is in a healthy position, both financially and operationally, with much good work having been done in the first six months of the year to take the Group forward," Chairman Bart Campbell said in a statement.
The swing for the golfing agent came about as administrative expenses widened by half, to USD9.2 million, and finance costs by a third, to USD700,000.
Its baseball representation business saw decreased revenues, as did its sports marketing business, though the company said the sports marketing business shows signs of good organic growth after expanding its client base.
TLA shares were Monday morning quoted at 31 pence per share, unchanged on Friday's close.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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