Chime Communications reports 116% profit rise in sports sector following World Cup and Commonwealth Games
Sports marketing company Chime Communications has reported operating profit of £17.2m for H1, up from £11.5m the previous year, while net debt at 30 June 2014 was £46.5m compared to £19.7m a year ago.
The company reported an operating profit growth of 50 per cent during H1 of 2014, with its sports and entertainment arm seeing a 116 per cent growth in operating profit.
Putting the growth down to the World Cup - for which it delivered 29 projects - and Commonwealth Games, Chime has predicted that these events will also lead to a good second half of the year.
Stating that contracts for the 2016 Olympics already being negotiated, the company also predicted that the UEFA European Championships in 2016 would also help growth.
Christopher Satterthwaite, chief executive of Chime Communications, said: “We have had a strong first half driven by our involvement in the Winter Olympics, the Fifa World Cup and the Commonwealth Games.
"Organic growth in operating profit of 25 per cent demonstrates the strength of our brands, which is increasingly important with 24 per cent of our profits being made overseas. In the last two years Chime has become an international communications and sports marketing group.
“There remain significant opportunities for Chime to continue developing all areas of the business, growing market share and positioning the Group for future growth.”
Fully diluted earnings per share 1 in the first half of 2014 increased by 25 per cent to 11.41 pence.
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