Catalyst Media FY pre-tax losses widen on impairment charges

31st Dec 2020 08:18

(Sharecast News) - Catalyst Media said on Thursday that pre-tax losses had widened as a result of an impairment charge of £1.2m of the carrying value of its 20.54% interest in Sports Information Services.
The AIM-listed group said pre-tax losses had expanded to £1.1m in the year ended 30 June, almost doublet £600,000 loss recorded twelve months earlier.

Net asset value per share slipped from 67.7p to 60.7p and losses per share widened to 5.27p from 2.8p.

The SIS business itself also saw revenues drop from £241.4m to £212.6m, while operating profits prior to litigation fees more than halved to £3.6m.

In terms of recent trading, Catalyst said it had continued to see growth in its international and online customer base following the launch of its esports product and increased benefits from its acquisition of the 49's business.

Looking forward, Catalyst expects its SIS division to make a loss for the year ending March 2021 but noted there had been "significant acceleration" of growth in customers in its online business.

Catalyst also noted that SIS had deferred any dividend this financial year but would consider a dividend next financial year.

As of 1100 GMT, CMX shares were untraded at 51.0p.