TLA Worldwide PLC Trading and Business update (7783S)
December 23 2016 - 1:26PM
UK Regulatory
TIDMTLA
RNS Number : 7783S
TLA Worldwide PLC
23 December 2016
23 December 2016
TLA Worldwide plc
("TLA" or "the Group")
Trading and Business update
TLA Worldwide plc (AIM: TLA), a leading athlete representation
and sports marketing business, announces further details regarding
the performance of the Australian 2016 International Champions Cup
("ICC") event held in July this year and provides a trading update
for full-year 2016.
As noted in TLA's interim results announced on 27 September
2016, attendance at the tournament disappointed due to the quality
of first team squads who toured Australia in July this year. As a
result of lower than expected ticket sales, the financial
performance of the event was significantly below management's
expectations.
Since the event there have been confidential discussions with
the ICC rights holder. As a result of these discussions, TLA, in
conjunction with its event partner TEG Pty Ltd, has amicably agreed
to end its contract to promote the ICC in Australia.
In addition to the performance of the ICC event, trading in the
second half of 2016 within the Group's US Sports Marketing division
has been below the Board's expectations. Management are in the
process of refocusing the US Sports Marketing division and a number
of new hires are expected to be announced in 2017 to support future
growth.
As a result of the ICC event and the underperformance within US
Sports Marketing in H2 2016, trading for the current financial year
is behind the Board's expectations. As a result, the Board
currently believes that trading EBITDA for the year ended 31
December 2016 will be approximately 15% below its previous
expectations.
Looking ahead, the Board of TLA remains positive on the outlook
for 2017 with the momentum in Baseball, underpinned by a talent
roster of top prospects and a strong pipeline of 2017 events which
are in the process of being contracted. In addition, TLA is
continuing to focus on bringing world class football events to
Australia in 2017 and beyond and further announcements will be made
when contracts are secured.
TLA Chairman, Bart Campbell, said: "Whilst it is disappointing
that the performance of the 2016 ICC event was below expectations,
we are delighted to have resolved the way forward and expect to
announce our replacement premium football content for 2017
shortly."
Enquiries:
TLA Worldwide
------------------------------------------------------
Bart Campbell, Executive Chairman
Michael Principe, Chief Executive
Officer +1 212 645 2141
------------------------------------ ----------------
Numis Securities
------------------------------------------------------
Nick Westlake and Oliver Hardy +44 20 7260
(Nomad) 1000
------------------------------------ ----------------
Christopher Wilkinson (Broker)
------------------------------------ ----------------
Luther Pendragon
------------------------------------------------------
+44 20 7618
Harry Chathli, Alexis Gore 9100
------------------------------------ ----------------
About TLA Worldwide
TLA Worldwide is a leading athlete representation, event
management and sports marketing group quoted on AIM-LSE in London.
The Group derives revenues from long-term agency relationships with
many prominent U.S. and international sports stars, broadcasters
and media personalities associated with major sports including the
MLB, NFL, NBA, PGA tour, AFL and Olympians and Cricketers. In
addition, it also provides a range of services in respect of media
consultancy, sports sponsorship and event creation and ownership.
With over 170 full-time personnel, TLA Worldwide serves its clients
from 10 locations worldwide including its offices in London, UK;
New York, Newport Beach and California, USA; Melbourne, Perth,
Adelaide and Sydney, Australia. For more information, please visit
www.tlaworldwide.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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