PERFORM Group, which has seen its shares tumble since its listing in April, surged more than eight per cent yesterday despite slipping to a first half loss.
The sports media firm posted a loss of £2.2m in its first half – compared to a £4.7m profit last year – after taking a hit from listing and acquisition costs. However, its stock surged as much as 10 per cent after it issued a positive outlook, saying it expects to grow its operating margin to about 21 per cent in the second half, from a little under 14 per cent in the last six months.
The FTSE 250-listed company, which acquired football website Goal.com in February, saw its revenue rise 47 per cent at £45.1m, boosted by growth across its businesses.
Perform, which provides live sports video, news and data to mobile operators and broadcasters, also said it is hoping to make acquisitions in consumer portals and online content products. It will look for firms with a turnover of up to £20m, with funds coming from cash generated by the IPO.