Perform ready to rebuild trust after ‘disappointing’ 2013

Perform Group joint chief executive Oliver Slipper has said that the digital sports media company is keen to rebuild trust in 2014 after announcing “disappointing” full-year results for 2013.

Turnover in the 12 months through to December 31 increased by 37 per cent to £208.1m (€252.3m/$347.3m), but statutory profit before tax fell by 75 per cent to £16.3m and earnings before interest, tax, depreciation and amortisation slipped by three per cent to £36.4 million.

Perform said that its rapid expansion over recent years had led to a significant increase in the company’s cost base. “We are now taking the opportunity to address this and have already put in place a series of plans and initiatives,” Slipper said. “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."

In December, Perform’s market capitalisation slumped by more than 50 per cent in a single trading session after the company said that annual earnings would be significantly below expectations.