Good progress on execution of strategy
Enhanced the digital rights portfolio - over 16,000 live W&B events contracted for 2014
Acquired Opta and Perform Sporting News
Expanded geographically - ePlayer rolled out in two new countries
Grew the audience - investment in Goal and other consumer facing products
Launched Group's products on new digital platforms
Intense period of organic and acquisition led growth has led to a substantial increase in cost base
Sequential Q3 to Q4 like for like** growth in Display Advertising & Sponsorship lower than experienced historically
Watch&Bet renewal process limited upsells and new licencees in Q4
Full review and plans underway to address challenges
Re-structuring plans now being implemented
Integration of Opta accelerated
Roll-out of new revenue and booking system underway
Search to identify a new Chief Financial Officer underway and an announcement will be made in due course
Clear focus on delivering on the change plans; on track to achieve FY2014 revenue and Adjusted EBITDA growth in line with the Board's expectations as revised in December 2013
Oliver Slipper, joint Chief Executive Officer of Perform Group plc commented:
"Notwithstanding strong growth in revenues our financial performance in 2013 was disappointing. We made good progress on executing against our strategy notably with the acquisition of Opta, which significantly enhances our existing sports data offering, and the launch of Perform Sporting News, a top seven US digital sports media property. However, the performance in the second half, notably in Display Advertising & Sponsorship in Q4, was significantly below our expectations.
The Group's rapid expansion has also led to a significant increase in our cost base. We are now taking the opportunity to address this and have already put in place a series of plans and initiatives. Our focus in 2014 is to ensure that these plans are well executed and, in turn, deliver on the significant potential inherent within the Group."
