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TSE Group

  • BY: Andrew Hore |
  • POSTED: 29/06/2010 |

Switzerland-based sports consultancy TSE Group fell into loss in 2009 despite a strong first half.

A sharp increase in operating costs was behind the slump in performance but it was mainly down to one-offs. The costs include £77,000 relating to the opening of international offices and a six figure charge for bad debts. TSE is moving into new areas including sports performance, event appraisal, digital PR and environmental services.

Revenues increased from £1.1m to £1.58m in 2009. A profit of £32,000 was turned into a loss of £166,000. The interim profit in 2009 was £101,000. There was £49,000 in the bank at the end of 2009.

This year has started much better. The Russian Olympic Committee has appointed TSE to assess its team’s winter Olympic sports performance. Another deal involves helping the Brazilian Olympic Committee to improve performance planning ahead of the 2012 and 2016 Olympics.

Merger deals could be on the cards because TSE has already been approached by potential purchasers or merger partners.

At 0.17p a share, TSE is valued at £1.38m. That is too small for a quoted company and TSE needs to find a way of growing in size to make the most of the quotation or going private. If the TSE business is bought that will leave a shell with cash in the bank.

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