News Column

Westside Investments Pretax Loss Widens On Impairment Charge

June 30, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Westside Investments posted a widened pretax loss in 2013 on impairment charges relating to its acquisition of Football Data Services Ltd during the year.

Westside Investments posted a pretax loss of GBP368,040, widened from a loss of GBP316,020 in the 2012, as revenue rose slightly to GBP1.7 million from GBP1.6 million, but this was offset by a GBP100,000 impairment relating to its acquisition of Football Data Services.

The investment vehicle said that the acquisition of FDS has increased both its cash and net assets by around GBP500,000 which will help with the development of its free to view online platform,

The company has a 85.87% interest in Pantheon Leisure PLC, which made a profit of GBP34,416 for the year, up from GBP102,198.

Its investment Sports in Schools Ltd saw revenue growth of 15% for the year, and posted a divisional profit of GBP97,630 compared to GBP101,085 in 2012. The company launched a new brand, Ultimate Player, in this business and said it expects the business to develop this brand in schools.

It also expects the brand to develop further as it launches its online platform

Westside Investments said it had invested considerable time and money into the platform, and it was launched earlier in June to focus on the 2014 World Cup.

After the World Cup it will extend the range of sports covered by the platform, said the company. It will launch a more comprehensive programme for the platform by the end of 2014.

Shares in Westside Investments were trading down 9.1% at 0.250 pence Monday afternoon.

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Source: Alliance News

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