Sportsworld records £5.1 million loss

Agency Sportsworld has recorded a loss of £5.1 million for the 12 months to 30 September 2016.

Sportsworld website
Sportsworld website

The agency’s loss the previous year was £1.7 million. Gross profit also fell from £1.1 million in 2015 to £570,000 according to accounts filed on Companies House.

In the directors report included with the accounts, director Richard Issacs attributed the losses to Brexit, the perceived threat of terrorism and the Zika virus outbreak. Issacs commented that these factors have "impacted spending patterns and reduced the appeal of travelling to the Olympic Games in Brazil."

According to the report, ‘significant strategic decisions’ had been made throughout the year to cancel events and close brands which were not generating significant return.

Issacs added: As a result of changes with the structure of the wider group of companies, of which Sportsworld Group Limited is a subsidiary undertaking, there have been some additional restructuring costs associated with the divisional costs reported within the results for Sportsworld.The costs of this restructure have been provided for in full in the current financial year and have had a significant impact upon the profitability of the company in 2016."

 

See more:

Sportsworld reports £3 million loss in 2014

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