Perform performs in first quarter

Digital sports media company, Perform Group, said it was on track to deliver forecast revenues this year after it saw growth in all business areas in the first quarter.

The firm, which runs Livesport.tv, said that year-on-year revenue grew 45% to £31.4m, with a total of £104m of revenue contracted for full year 2012.

The latter figure compared with £72.9m of 2011 revenues contracted at the same point in 2011.

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"We are very pleased to report that our strong performance has continued in the first quarter, with year on year growth across the business," said Chief Executive Oliver Slipper.

"We continue to execute against our strategy for growth, acquiring new content, expanding our geographical footprint and launching our products on new platforms, with exciting partnerships recently announced with Facebook, YouTube and LG, further improving our global reach."

The firm's content distribution business saw year-on-year revenue growth of 34% to £19.4m, while revenues from video advertising and sponsorship tripled to £2.7m.

Display advertising and sponsorship also tripled compared to the previous year to £3.3m, with the majority of this growth due to its websites Goal.com and Spox.

Perform's technology business saw year-on-year revenue growth of 2% to £3.1m.

However, revenues in this area were down from the fourth quarter of 2011 with fewer one off build fees.

It also sold 10% fewer video streams to customers than in the previous quarter, which the company put down to post-Christmas lull.