Essentially reported a 240% increase in interim turnover to £5.4m in the first half of 2008.
The sports marketing and professional services provider’s profits before amortisation and exceptionals more than doubled to £749,000.
Net debt was £4.46m at the end of June 2008.
Essentially has benefited from the increasing interest in 20/20 cricket. The company’s clients made up 40% of the international players in the Indian Premier League. There are two more teams being added to the competition. It has also already sold all the ground advertising for the Ashes in the summer of 2009.
There will also be extra opportunities in 2009 from the Lions rugby tour to South Africa and additional Formula 1 races.
Essentially has launched a memorabilia business which will supply authenticated products from certain sports teams and clubs. The company is also increasing its focus on hospitality and events.
House broker Cenkos forecasts an increase in revenues from £9.2m to £15.7m in 2008. Profits are expected to rise from £2.1m to £3.6m. Earnings per share are likely to fall slightly to 1.6p.
At 10.75p a share, Essentially is valued at £21.1m. The shares are trading on less than seven times forecast earnings.
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