Highlights
Strong revenue growth of 29% to £118.8 million (H1 2013: £92.4 million)
o Content distribution revenues up 28% in H1, driven by a six month contribution from Opta and new Watch & Bet contracts
o Strong display advertising performance with World Cup delivering revenues in line with expectations and helping to deliver 118 million unique users to the Group's owned websites (H1 2013: 84 million)
o ePlayer headline sell through rate of 51% (up 400bps) and total streams viewed 3.3 billion (H1 2013: 2.2 billion)
Cost reduction plan on track with benefits to come through in H2. Total cost base for full year, expected to be approximately £200 million, in line with guidance
Adjusted EBITDA flat at £15.6 million with H1 profitability impacted by legacy cost base and cost of additional content acquired for new W&B contracts
New £100 million revolving credit facility in place, replacing previous term loan which was repaid in August 2014
Outlook
Trading in H2 has started well with strong year-on-year revenue and Adjusted EBITDA growth
On track to deliver FY14 revenue and Adjusted EBITDA, in line with the Board's expectations
Simon Denyer, joint Chief Executive Officer of Perform Group plc commented:
"Our priority for H1 has been to deliver on our cost reduction plans without disrupting the business. Since outlining those plans earlier in the year, we've made significant progress and accordingly are on track to achieve the benefits we targeted, which we expect to start seeing come through in H2. In terms of financial results, revenue growth in the period has been strong, reflecting a good performance across the Group and benefits from acquisitions, whilst our profitability reflects the legacy cost base we entered the year with.
"For the full year, we remain confident that the Group will deliver full year revenue and Adjusted EBITDA in line with the Board's expectations."
