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Parallel Media Group Plc: Final results for the year ending 31st December 2009
30-06-2010
Parallel Media Group Plc
(“PMG” or the “Group”)
Final results for the year ending 31st December 2009
The Board of Parallel Media Group Plc, a leading sports marketing and media group, announces its final results for the year ending 31 December 2009 that show:
Financial Highlights
· Operating profit grows by 118.5% to £0.485 million (2008: £0.222 million)
· Annual turnover increasing by 7.8% to £10.2 million (2008: £9.5 million)
· Gross profit of £2.85 million (2008: £2.14 million) an increase of 33%
· Earnings per share of 0.01p compared to a loss of 0.06p in 2008.
· The main shareholders of PMG have indicated their continued support for the Company and the Board by agreeing to extend their Convertible Loans to 2012.
Trading Highlights
· In April 2009, PMG successfully staged the second Ballantine’s Championship in Korea and in October 2009 entered into a further multi year deal with Pernod-Ricard (parent company of Ballantine’s) to sponsor the event until 2013.
· UBS has agreed to extend its sponsorship of the Hong Kong Open to 2010.
· PMG has been granted a new date for the PGA European Tour with effect from 2012.
· In 2009, PMG created the Korean Eye Exhibition which showcased Modern Korean Art at London’s Saatchi Gallery. PMG will build on the success of this event with future exhibitions in London and Asia.
· The Group is engaged in detailed discussions to restructure and strengthen its balance sheet and is currently in the advanced stages with a potential major overseas investor with regards to a significant injection of capital.
Contact Details
For further information please contact:
Martin Doherty
Finance Director, Parallel Media Group +44 (0) 20 7225 2000
Antony Legge, Katie Shelton
Nominated Adviser, Astaire Securities +44 (0) 20 7492 4750
Alex Giacchetti
Financial PR, Bishopsgate Communications +44(0)20 7562 3350
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