Update Regarding SIS


Released 07:00:08 21 November 2022

RNS Number : 9813G

Catalyst Media Group PLC

21 November 2022

21 November 2022

Catalyst Media Group Plc

(“CMG”, “Catalyst” or the “Company”)

Update regarding SIS

CMG is pleased to provide the following update in respect of Sports Information Services (Holdings) Limited (“SIS”) in which the Company has an approximate 20.54% interest, following the publication of SIS’s audited financial statements for its financial year ended 31 March 2022.

On 30 June 2022, the Company announced that SIS was expected to return to profitability with an anticipated profit before tax of between £6m and £8m for its financial year. The final result for its year ended 31 March 2022 was a profit before tax of £7.0 million, the main driver being a return to normal trading conditions following the COVID-19 pandemic abating and the expansion of SIS’s online customer base.

SIS’s cash balance on 31 March 2022 was approximately £62.8 million, an increase on the prior year due to its return to profitability and a normal working capital position after the pandemic disruption. On 18 November 2022, SIS declared an interim dividend of £4.4m with CMG expecting to receive its share of such dividend shortly.

The Company has been informed that SIS has started its new financial year well, and management continues to pursue and win new business opportunities and has advised CMG that it expects to close its financial year to March 2023 with increased turnover year-on-year.

SIS’ cash position as at 1 November 2022 was approximately £58m.

SIS has informed the Company that it has engaged Oakvale Capital LLP to review strategic options for the SIS business.

The principal results of SIS for its financial year ended 31 March 2022 were as follows:

 As restated **
31 March 202231 March 2021
Before individually significant items*Individually significantItems*TotalBefore individually significant items*Individually significantItems*Total
Operating expenses(209,290)(2,200)(211,490)(139,425)(622)(140,047)
Other operating income1051051,8631,863
Group operating profit / (loss)9,164(2,200)6,964(7,455)(622)(8,077)
Other interest receivable and similar income275275310310
Interest payable and similar expenses(277)(277)(3)(3)
Profit / (loss) before taxation9,162(2,200)6,962(7,148)(622)(7,770) 
Tax on (profit) / loss(1,762)418(1,344)9351181,053
Profit / (loss) after taxation7,400(1,782)5,618(6,213)(504)(6,717)
Other comprehensive income330330(917)(917)
Total comprehensive income7,730(1,782)5,948(7,130)(504)(7,634)


* – Individually significant items relate to litigation fees.

** – SIS’s FY2021 accounts were restated to reflect the capitalisation of new product and IT development costs. The impact on the prior year profit before tax was £0.8m (Loss of £7.8m) versus that previously reported (being a loss of £8.6m).

  As restated
 31 March 202231 March 2021
Gross assets126,605102,135
Gross liabilities(66,293)(47,771)
Net assets60,31254,364

In light of SIS’s abovementioned positive results, the Company is in the process of reviewing the carrying value of its interest in SIS in connection with the preparation of Catalyst’s forthcoming accounts for its financial year ended 30 June 2022, and, while still subject to finalisation, it is currently anticipated that there will be a material reversal of historic impairments.


Catalyst Media Group plcMichael Rosenberg, Non-executive ChairmanMelvin Lawson, Non-executive Director  Mob: 07785 727 595Tel: 020 7734 8111
Strand Hanson LimitedJames HarrisMatthew ChandlerTel: 020 7409 3494

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.



London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

© 2022 London Stock Exchange plc. All rights reserved.