TLA Worldwide PLC Trading Update (4485D)
27 April 2017 - 1:00AM
UK Regulatory
TIDMTLA
RNS Number : 4485D
TLA Worldwide PLC
26 April 2017
26 April 2017
TLA Worldwide plc
("TLA" or "the Group")
Trading Update
TLA Worldwide plc (AIM: TLA), a leading athlete representation
and sports marketing business, today announces the following
trading update in respect of the financial year ended 31 December
2016.
The Group's trading results for the year ended 31 December 2016
will be below the Board's expectations principally due to
corrections to be made by the Group to the amount of revenue
recognised in the period within the Group's US Sports Marketing
division, a portion of which will be recognised in the 2017
financial year. In addition, an unbudgeted provision is required
against other receivables within the Group's Baseball division. As
a result the total impact to underlying trading EBITDA for 2016 is
a reduction by approximately $2.0m.
The Group is also conducting a detailed review of the
recoverability of certain aged trade receivables in the US Sports
Marketing division, a large portion of which relate to periods
prior to the year ended 31 December 2016. The Board anticipates
that a significant provision will be required to be made by the
Group against these receivables, which will be taken as a one-off
charge through the Group's income statement for the year ended 31
December 2016. This charge is anticipated to be in the range of
$1.5m to $2.5m and further work is ongoing to ascertain the exact
charge to be taken.
These various accounting adjustments will not have a cash impact
on the Group. As at 31 December 2016 the Group's net debt position
was $21.8m.
The Group will report results for the year ended 31 December
2016 in late May 2017 which will contain further details on the
above items and a further announcement will be made shortly
confirming the results date.
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
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Christopher Wilkinson (Broker)
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Luther Pendragon
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+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
END
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