SportBusiness.com

For the six months to June 30, the Formula One marketing group posted group pre-tax profits of £707,000 ($1.14m/EUR1.117m) compared to a loss of £1.16m ($1.81m/EUR1.83m) the previous year.
"Our requirement that acquisitions are earnings enhancing from completion has been demonstrated by these results," the company said. "We now have high visibility of earnings for the full year to 31 December 2002 across all areas of the business and are developing deeper and closer relationships with our blue chip international client base."
Podia Group has three main areas of business: communications, event management & hospitality, and licensing & merchandising.
On Jardine Communications Ltd, its sport communications agency, the company said: "We are extremely pleased with the performance of Jardine Communications and are confident that, on the basis of existing contracts and projects, the Jardine business will meet and exceed its profit target for the period to 31 December 2002."
On Event Vision, its event management and hospitality business, it said: "The Silverstone Grand Prix Ball took place on 5 July 2002 and is not therefore included in the interim figures. The success of this event coupled with an excellent first half means that we are confident Event Vision Marketing Services Limited and Event Vision Grand Prix Ball Limited will meet their profit targets for the financial year to 31 December 2002."
Meanwhile, TMG, its licensing and merchandising business, delivered a record performance in the first six months of 2002 with turnover of £5.7m ($8.91m).
"TMG had record trackside sales at the Silverstone Grand Prix weekend earlier this month. Turnover in the first six months of this year exceeded TMG's entire contribution in 2001. Given the change in the size of the TMG business we are focusing additional resources on managing the significant growth of TMG's operations," the company said.
For the half-year, group sales reached £11.03m ($17.23m), up from £1.94m ($3.03m).