News blog
TSE Group
- BY: Andrew Hore |
- POSTED: 07/08/2008 |
TSE Group moved into profit in the six months to June 2008.
The Switzerland-based sports consultancy reversed into shell company Sandford last summer so these are the first proper figures for the company in its current form. The original TSE business has been profitable before.
TSE made profits of £55,000 on revenues of £612,000 in the first half of 2008. TSE has cash of just under £63,000. There was a small cash outflow during the period, which was mainly down to higher debtors.
TSE is working on Chicago’s bid for the 2016 Olympic Games. It has offices in Switzerland, Turkey and the US. There are plans to open additional offices in the Middle East and south east Asia.
TSE reversed into Sandford for an initial £750,000 in cash and 90m shares in August 2007. Deferred consideration of £200,000 and up to 24m shares is payable over the three years after the deal. The shares were trading at 0.85p each before the acquisition was announced so the initial consideration was valued at £1.92m. Sandford was a cash shell formerly known as Media Steps.
At 0.23p a share, TSE is valued at £1.31m.
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