First Artist sees profits rise in 2005

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First Artist Corporation, the UK-based athlete agency, received good news for the financial year ending in October of 2005, the company reported. The company earned a pre-tax profit of GBP 809,000, a marked difference from a loss of GBP 493,000 the year before.

Listed on the Alternative Investment Market, the group’s turnover increased by 47 percent to GBP 5,861,000. Operating profit increased only marginally to GBP 1,054,000 from GBP 1,018,000 the year before. The rise in turnover was credited to three acquisitions that increased the company’s services. They were Team Sports Management Limited, a player representation business; ABG Financial Management Limited, an independent FSA registered wealth management business; and Finishing Touch Limited, a corporate events and conference management company.

“Genuine integration has been the secret of our success in 2005 and it will continue to underpin our business going forward,” Chief Executive Jon Smith said. “Moving The Finishing Touch to First Artist’s freehold Wembley offices in early 2006 will give us the opportunity to exploit the synergies between events and our entertainment representation business, as well as the potential for leveraging our status as a FIFA and UEFA licensee, and the matches and tours that this allows us to organise. The Group’s close proximity to Wembley Stadium we believe will also open opportunities for development in the coming years.”

Earnings per share rose to GBP 0.88 from a loss per share of GBP 0.62 the year before. However, the net debt, including GBP 2.67 million in deferred consideration for the acquisitions, rose from GBP 151,000 to 3.27 million. “It is also worth noting the substantial capital appreciation of our freehold property as its neighbour nears completion,” Smith said.