Catalyst Media profits boosted by SIS' performance

Sports marketing outfit Catalyst Media Group saw profits move ahead in the first half of its trading year, driven by a strong showing from Sports Information Services.

Catalyst's profit after tax and before adjustment to investment valuation rose 23% to £420,000 in the six months ended 31 December. Earnings per share meanwhile increased from 1.62p each to 1.98p.

Net asset value tumbled 42.6% to 70.2p per share.

Sports Information Services, in which CMG is a 20.54% shareholder, recorded a 19% jump in revenues to £120.7m and a 16% uptick in post-tax profits on ordinary activities of £2.1m, even as EBITDA slipped 23% to £8.5m.

Looking forward, chairman Michael Rosenberg said: "SIS has confirmed that it expects to achieve a profit before tax, excluding profit on sale of SIS Live and before certain charges, for the year to 31 March 2019 towards the upper end of previous guidance and that SIS continues to expect to announce a dividend after the end of its current financial year.

"2019 has already seen a deepening partnership between SIS and the Racecourse Media Group in respect of international and online rights, with a new 24/7 service having been launched in January 2019."

As of 1000 GMT, Catalyst shares were untraded at 69p.