PIVOT ENTERTAINMENT GROUP PLC – Unaudited interim results

Pivot Entertainment Group plc, the transatlantic media and entertainment company, today announces its unaudited interim results for the six months ended 31 May 2011.

Key Points

Financials

• 11.7% increase in turnover to £39.4 million (6 months ending 31 May 2010: £35.2 million). 
• Pre-tax losses of £994,000 – compared to a loss of £3.1m during the previous period.
• Loss per share 1.79p – compared to a loss of 17.06p per share during the previous period.

Restructuring and divestment activity

• Restructuring complete with the sale of The Finishing Touch (Corporate Events) Ltd and First Artist Sport Ltd.
• Balance sheet strengthened through strategic investment totalling £2.5m.
• Placings in the period raised £4m.
• Reduction in bank debt.
• Board changes including appointment of Jeremy Barbera as CEO, David Stoller as Executive Chairman, Shirley Stapleton as FD and Marcus Yeoman as Non-Executive Director.

Commenting on the results, Chairman David Stoller, said: “The Board is pleased to have completed the restructuring of the Group. We believe that these changes will significantly improve the future financial performance of Pivot Entertainment and create additional shareholder value. The focus of the Group is now to drive internal growth through business expansion and further integration between our London and New York operations, and external growth through acquisitions that will enable us to enhance our digital and media capabilities and expand our multi market consumer-based platform.”