News blog
First Artist Corporation
- BY: Andrew Hore |
- POSTED: 29/07/2008 |
First Artist Corporation says trading is going well but the outcome for the year to August 2008 will depend on player transfers before the end of next month.
The media, artist representation and events business says that the Dewynters theatre marketing business has held up well while the events business is well ahead. The football agency business had a strong January transfer window but the wealth management business has found it tough in recent months.
First Artist has switched nominated adviser from Dawnay Day to Daniel Stewart, which was already its broker.
Although First Artist said that it is confident that trading is in line with market expectations, Daniel Stewart has downgraded its forecasts. Revenue expectations have been cut by 5% to £57.5m and profits from £3.6m to £1.7m. This reflects the uncertainty of revenues from the football agency business before the end of the transfer window – which coincides with the company’s year end.
This sparked a 9.5p fall in the shares to 39p, which values First Artist at £5.41m. That puts the shares on less than five times forecast earnings for 2007-08, falling to just over three the following year.
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