Catalyst Media Group PLC Trading Update (9796F)
May 23 2017 - 6:00AM
UK Regulatory
TIDMCMX
RNS Number : 9796F
Catalyst Media Group PLC
23 May 2017
23 May 2017
Catalyst Media Group plc
("CMG" or the "Company")
Trading Update
Further to CMG's announcement of its interim results for the six
months ended 31 December 2016, announced on 31 March 2017 ("Interim
Results"), CMG provides the following update in respect of Sports
Information Services (Holdings) Limited ("SIS") in which it has an
approximate 20.54% interest.
In the Interim Results, CMG set out that SIS had agreed to
acquire two greyhound tracks. CMG has been notified that SIS has
not been successful in acquiring the greyhound tracks as previously
planned and that Arena Racing Company has acquired them, which will
likely impact and reduce SIS's greyhound content and, as a result,
operating results going forward.
As set out in the Interim Results, as a result of the transition
by SIS to lower risk and lower profitability business arising from
the changes in the media rights, particularly in respect of SIS's
horse racing rights, SIS's underlying operating results for its
financial year ending 31 March 2018 were expected to decline by
approximately 50%. Following the potential reduction in greyhound
content from the end of 2017, when certain greyhound media rights
expire, initial indications from SIS are that its underlying
operating results are now expected to decline by approximately 60%,
rather than 50% as previously announced, for the financial year
ending 31 March 2018, prior to any mitigating actions which may be
implemented by SIS.
The likely reduction in greyhound content will also impact SIS's
profitability in future years, the level of which is yet to be
determined and which will be dependent upon any mitigating actions
SIS may take as a result of the factors outlined above.
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 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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