Reuters: Hot Stocks: UPDATE 1-Sports rights firm Perform warns of slowing profit growth

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UPDATE 1-Sports rights firm Perform warns of slowing profit growth Jun 27th 2013, 09:46 Thu Jun 27, 2013 5:46am EDT (Adds company comment, shares) LONDON, June 27 (Reuters) - Shares in sports rights company Perform tumbled more than 10 percent on Thursday after it warned that spending on acquisitions and content would slow profit growth this year. Perform bases its business on buying online rights to major sports events and supplying video clips or live content to groups including newspaper publishers and bookmakers. The shares lost 71p to 511p by 0915 GMT, having more than doubled since their public listing at 260p in April 2011. Perform forecasts revenue growth of about 37 percent to 92 million pounds ($141 million) in the six months to June 30. A trading update from the company said that lower-margin advertising and sponsorship products were contributing more than expected to the increased revenue, putting a brake on profit growth for the year. Perform was aiming to grow by securing long-term rights deals, expanding internationally and upgrading its Goal soccer website in time for next year's World Cup finals, co-chief executive Oliver Slipper told Reuters. It has completed rights deals for top-flight club soccer in Italy and France and should reap the benefits from next year when it renews licence deals to supply bookmakers, he added. Slipper declined to comment on media reports that Perform planned to buy Opta Sports Data for 40 million pounds. Opta supplies statistics to sports clubs, bookmakers and media companies. A deal for Opta would complement the acquisition last year of Swiss-based sports data company RunningBall for 120 million euros ($156 million). ($1 = 0.6520 British pounds) ($1 = 0.7691 euros) (Writing by Keith Weir; Editing by David Goodman) Link this Share this Digg this Email Reprints

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