Catalyst Media Group PLC Update regarding SIS (7992F)
19 Noviembre 2020 - 1:00AM
UK Regulatory
TIDMCMX
RNS Number : 7992F
Catalyst Media Group PLC
19 November 2020
19 November 2020
Catalyst Media Group Plc
("CMG", "Catalyst" or the "Group")
Update regarding SIS
The Company provides the following update in respect of Sports
Information Services (Holdings) Limited ("SIS") in which CMG has an
approximate 20.54% interest.
Update regarding SIS
Further to the update provided in the Company's interim results
for the six month period ended 31 December 2019, announced on 26
March 2020, the Company has been advised by SIS that SIS's profit
before tax for the year ended 31 March 2020 will now be GBP0.8
million (2019: GBP0.7 million for continuing operations), following
the requirement to make additional provisions post the period end
in respect of the ongoing litigation with The Racing Partnership as
detailed in the announcements of 9 October 2020. SIS's cash balance
is not impacted by the provision and as at 31 March 2020 was
approximately GBP60.1 million.
SIS's Current Trading
As announced by the Company on 17 June 2020, SIS's operations
were impacted between mid-March 2020 and June 2020, following the
outbreak of Covid-19. Following the cancellation of horse and
greyhound racing from mid-March 2020, SIS saw the resumption of
horse and greyhound racing in England from 1 June 2020 and
horseracing in Ireland from 8 June 2020,with the reopening of
Licenced Betting Offices in England from 15 June 2020 resulting in
a return to full operations at SIS.
SIS has informed the Company that whilst trading over the summer
continued to improve, since further Covid-19 restrictions started
to be implemented in October and November 2020, SIS has seen the
temporary closure of the majority of the retail Licensed Betting
Offices which it provides services to. SIS continues to be able to
provide content for its customers during this time and has sought
to offset revenue shortfalls from retail with increased digital
revenues. However, SIS's management have confirmed to the Company
that there remains significant uncertainty as to when retail
markets will reopen in full.
As a result, the Company has been informed by SIS that it
expects to be lossmaking in its current financial year ending 31
March 2021, although the magnitude of SIS's loss is currently
difficult to forecast given the uncertain nature of the retail
market return.
Despite the impact of Covid-19, SIS has seen growth in its
international and online customer base and revenues during the
year, most recently launching channels for Latin American
customers, and has seen the launch of its Competitive Gaming
(esports) product as well as increased benefit from the acquisition
of the 49's business completed earlier in the year.
SIS Dividend
Given the ongoing uncertainty in respect of SIS's current
trading due to the impact of Covid-19, SIS has informed the Company
that it has decided to defer any decision regarding the timing or
quantum of any dividend which it may or may not choose to declare
in relation to its previous year's performance until such time as
SIS has greater visibility on the full impact of Covid-19 on its
business.
Enquiries:
Catalyst Media Group Plc
Michael Rosenberg, Non-executive Chairman: 07785 727 595
Melvin Lawson, Non-executive Director: 020 7734 8111
Strand Hanson Limited: 020 7409 3494
James Harris / Richard Tulloch
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBPBMTMTMBTFM
(END) Dow Jones Newswires
November 19, 2020 02:00 ET (07:00 GMT)
Catalyst Media (LSE:CMX)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Catalyst Media (LSE:CMX)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024