Timeweave profits suffer

Timeweave, the holding company of a group which owns a 50 percent holding in Amalgamated Racing (AMRAC), which holds licences to broadcast from 34 racecourses, saw profit before tax drop for the year ended December 31st.

Pre-tax profit fell from £7.71m in 2010 to £7.15m in 2011, after revenues fell from £29.9m to £28.2m, which the firm emphasised was against a backdrop of economic turmoil. Operating costs during the period decreased from £22.4m to £21.3m.

David Craven, Chief Executive Officer, said: "We have made significant progress this year. In the context of our strategic aim to deliver long-term growth, our performance in 2011 is pleasing. AMRAC has continued to perform well, SportingWins has signed several contracts with further contracts in the pipeline, and we have successfully begun our investment programme, establishing foundations for the future of Timeweave.

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"Against a backdrop of economic turmoil, our core business has increased its profitability and we look to invest strongly wherever opportunities arise. We are grateful for the support of our shareholders as we seek to build a sustainable business."

Earnings per share rose from 1.6p to 2.3p, while the firm opted not to pay a final dividend in order to exploit investment opportunities, the firm said.

Cash at the end of the period rose from £31.6m to £33.1m.

The share price fell 5.10% to 23.25p in morning trading.

NR