Sportsworld reports £3m loss in 2014

Events management and corporate hospitality agency Sportsworld has reported a loss for the financial year of £2.9m after writing off £11m of investments.

Sportsworld has suffered a loss for the financial year of £2.9m
Sportsworld has suffered a loss for the financial year of £2.9m

According to accounts filed at Companies House, Sportsworld recorded a profit of £8.2m on ordinary activities for the financial year ending 30 September 2014, but wrote off £11.3m in acquisitions.

The agency is a subsidiary of Events International Group, owned by TUI Travel Group, which instigated the review that resulted in the acquisitions. Sportsworld acquired Gullivers Travel Group, Platinum Event Travel, Events International, Sport Abroad (UK) and Sportsworld (Beijing) Sports Management in September 2014. 

The accounts also showed that Sportsworld achieved a £6.9m turnover, up 15% on 2015. However, the cost of sales rose 70% to £5.5m, resulting in a £1m operating loss.

More agency news:

Astellas Europe reappoints Ashfield as event management supplier

New development director brings Coca-Cola experience to AddingValue

Bray Leino sees 11% increase in profits for 2014

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