First Artist announces pre-tax loss, and acquires Team Sports agency

UK-based players’ agency First Artist has announced a pre-tax loss of £493,000 for the year to 31 October 2004, compared to a loss of £15m for the comparative 16 month period. Sales for the period reported £3.98m, a 29% increase from the twelve-month period to October 2003. The company reported an operating profit of £0.04m, compared to a loss of £1.66m for the previous year. The company also announced the purchase of sports player management agency Team Sports Management LTD, for an initial £25,000, adding 40 footballers and rugby players to its portfolio. The deal could rise to a potential £100,000 dependent on future revenue generation. Following the acquisition, Team Sports will be incorporated into First Artist’s player management division. The acquisition will increase First Artist’s opportunities in South America and add an additional 40 players to the company’s roster. In a statement made to the stock exchange, the company added that it was looking to increase its presence in the Asian and US markets and diversify into representing artists outside of the sport market.

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