Perform’s share price halves on profit warning

 
Oliver Smith
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PERFORM Group, the sports rights company, saw its market valuation drop more than 50 per cent yesterday after it warned that profits would miss expectations due to advertising and sponsorship under performing.

Perform’s market capitalisation sat at around £1.12bn on Monday, but last night had
dropped to just £476m.

The London-listed company said its 2013 revenue would be around six per cent below previous expectations, with growth of 35 per cent.

Perform warned that its 2014 outlook would also see annual revenues slip six per cent below previous expectations.

Shares fell 57.6 per cent to 180p.