Last checked at 23 May 2014 08:10
23 May 2014
Parallel Media Group PLC
("PMG" or the "Company")
Trading update
PMG, the AIM quoted sports, entertainment and media agency, announces that the 2014 Championship which took place at Laguna National Golf and Country Club in Singapore between 1 - 4 May 2014 was a success. The Championship, which has a US$1.5 million prize fund, was won by Felipe Aguilar. There was field of 152 players and the event was televised in over 60 countries.
The Championship had been scheduled to take place in Korea but was moved to Singapore because it became apparent, despite positive sponsor negotiations, that PMG would not be able to finalise a title sponsor agreement prior to the event dates. As such, with the support of the European Tour, the event was held in Singapore where PMG was able to secure an advantageous host club agreement and a family of secondary sponsors in only a three week period.
This change has potentially positive implications for the company in the future, with PMG able to continue its existing title sponsor discussions for the Championship to return to Korea from 2015 onwards, and for a new European Tour and Asian Tour co-sanctioned event in Singapore now targeted for 2015 as well.
Although the 2014 Championship proceeded as scheduled, it took place without a title sponsor, as a result of which the event achieved a break even result rather than the profit which the Company has made from the event in previous years. This has affected the expected outturn for 2014.
In addition, the Board believes that there is a level of uncertainty over certain other revenue-generating events which has resulted in the Company lowering its internal forecasts for 2014. The Company is, however, actively involved in negotiations regarding alternative events and revenue streams in both golf and music which the Board is confident will come to fruition in the near future and will contribute material levels of profit in the 2014 and/or 2015 financial year.
The Company anticipates publishing its results for the year ended 31 December 2013 by the end of June 2014.
Enquiries:
Parallel Media Group plc (London) | |
Tom Downes / Belinda Laubi | Tel: 020 7225 2000 |
Sanlam Securities UK Limited (Nominated Adviser and Broker) | |
Virginia Bull | Tel: 020 7628 2200 |