Perform sees strong year ahead of betting licence renewals
LONDON (Reuters) - British sports rights company Perform(PER.L) said it was well set for strong growth as it prepares to negotiate new deals with online bookmakers who use its video streams of live action.
The company, whose shares have doubled in value since it floated in London two years ago, on Tuesday reported a 37 percent increase in revenue to 43 million pounds in the three months to the end of March.
Perform buys up online rights to major sports events and supplies video clips or live content to newspaper websites, bookmakers and other firms.
It has licence deals with 43 companies for its Watch & Bet service offered to online bookmakers, agreements that are due to expire at the end of the year.
Negotiations for new deals are expected to begin in the coming weeks and Perform is hoping to be able to provide an update on progress with its interim results due towards the end of August.
"Our sense is that in-play sports betting is still a growth market and we are the number one content provider," joint chief executive Oliver Slipper said.
Perform was still debating the length of licences but they were likely to be offered on three-year terms. They are restricted to six operators per territory.
Perform's consumer division operates sports websites like goal.com for soccer. It joined forces in March with U.S. media brand Sporting News to accelerates its expansion in North America.
Perform's shares were flat at 525 pence by 0825 GMT, valuing the company at 1.25 billion pounds. (Reporting by Keith Weir, editing by Rhys Jones)
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