LONDON (VIP-NEWS) –Live music, management and consumer services company the Mama Group has issued financial results showing a 14% increase in revenues to £38.2 million for the 12 months ending July 31, 2009.
Profit before interest and tax for the year was £6.03 million compared to £600,000 for the previous year.
Mama Group's EBITDA was £3.58 million compared to £3.51 million in the previous year. Mama said its EBITDA was reduced by £920,000 as a result of the disposal to U.K. entertainment retailer HMV of 50% of the venues within Mean Fiddler Group.
Bank borrowings have been eliminated as a result of the HMV deal. The company's net assets increased to £29.59 million from £23.53 million the previous year.
"Strategically, our combination of strong live venues married to both a growing artist management roster and significant positions in ticketing, sponsorship and digital environment is, we believe, the model for the industry of the future," said co-chief executives Adam Driscoll and Dean in a statement. "Our results are demonstrating that to be the case. We see opportunities for further growth."
The statement added: "The partnership we announced with HMV in January created one of the strongest live music companies to emerge in the U.K. in recent years. Our combination of music venues and HMV's distribution capabilities allows us to work closely with artists at all stages of their careers to drive ticket and merchandise sales." According to Billboard