As the title suggested I really see no point in you, me or anyone else owning this shareholder-(UN) friendly Company in their portfolio.
Why? You may ask. The simple answer is you the shareholder are being taken advantage of. For those who don’t own Perform consider yourself lucky.
If anyone has bother to look at their annual report and company’s RNS their strategy or more formally ‘objective’ is one thing and one thing only and that’s to ‘Buy, Buy and Buy’. It seems to me is what they’re best at as the table below show most of their acquisitions: -
|
|
Net Assets £000’s |
Fair Value considerations £000’s |
Goodwill £000’s |
Revenue £000’s |
Net Profit /(loss)£000’s |
|
1. Spox Media and MediaSports (2011) |
591 |
3,079 |
6,035 |
6,300 |
(600) |
|
2. Goal.com (2011) |
5,606 |
18,074 |
12,515 |
4,200 |
(1,100) |
|
3. RunningBall (2012) |
23,942 |
106,228 |
82,286 |
18,000 |
8,000 |
|
4. Mackolik (2012) |
4,134 |
17,712 |
13,578 |
4,000 |
2,400 |
|
5. Sportal GmbH (2012) |
(168) |
943 |
1,110 |
|
|
|
6. Opta |
13,095 |
40,000 |
26,905 |
11,000 |
1,900 |
|
7. Performing Sporting News |
4,028 |
8,635 |
4,607 |
5,600 |
(2,100) |
|
8. Voetbalzone |
1,334 |
6,267 |
4,933 |
1,300 |
900 |
|
Total |
52,562 |
200,985 |
151,962 |
50,400 |
9,400 |
|
Compare this with 2013 |
295,578 |
|
192,134 |
208,135 |
4,550 | …
