Perform Enjoys Hefty Q3 Revenue Jump As Watch&Bet Renewal Process Continues

Perform Group has posted another significant rise in revenue in an interim financial report and insisted that the digital sports media company’s management remain confident of a successful renewal process for its Watch&Bet live streaming service.

The company posted revenue of £51.8 million (€60.6 million/$82.9 million) for the third quarter of 2013, a 31% increase on the £39.5 million recorded in the corresponding period last year.

In its previous report covering the first six months of 2013, Perform said that discussions had taken place with the majority of existing Watch&Bet clients and 20 potential new clients, and the number of licensees per territory has been increased to eight.

In its latest report, the company said that “continued progress” had been made on 2014 Watch&Bet renewals “with £35 million of revenue for the full year 2014 contracted”.

Perform added: “Management remain confident of a successful renewal process, in line with expectations.”

Content and production revenue increased from £25.6 million in the third quarter of 2012 to £34.3 million in the latest quarter.

In addition, Perform Group year-on-year revenue growth in subscription, as well as both video and display forms of advertising and sponsorship.

However, the company did suffer in terms of technology and production, with revenue falling by 36% from £3.7 million in Q3 of 2012 to £2.4 million in the latest quarter.

The firm said the lower-than-anticipated performance of technology and production in the third quarter would reduce its full-year earnings before interest, tax, depreciation and amortisation by £4 million.

“We continue to execute against our growth strategy and are investing in new content and expanding our geographical presence,” Perform Group’s joint chief executive office, Oliver Slipper, said.

“As previously stated we continue to refocus our efforts within technology and production on advertising or subscription revenue share based contracts rather than one-off build or on-going service fees, and this strategic shift is affecting our EBITDA in 2013. 

“We are in the process of realigning our cost base in this area to better match the long-term revenue opportunity in technology and production.”

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