Half Yearly Report and Accounts
| Stock | Sports Entertainment Group Ltd (SEG.ASX) |
|---|---|
| Release Time | 20 Feb 2025, 3:32 p.m. |
| Price Sensitive | Yes |
Sports Entertainment Group Ltd Reports Half Yearly Results
- Revenue up 4% to $57.5 million
- Underlying EBITDA up 23% to $6.7 million
- Successful sale of 52.5% stake in Perth Wildcats for $21 million
- Acquired 100% of Perth Lynx WNBL team
Sports Entertainment Group Ltd (SEG) has reported its financial results for the half year ended 31 December 2024. Revenue from continuing operations increased by 4% to $57.546 million, driven by the company's complementary services and sports teams' business units. Underlying EBITDA from ordinary activities rose by 23% to $6.763 million. The group's adjusted underlying EBITDA, which excludes the impact of AASB 16 Leases, was $5.062 million, up 36% on the prior corresponding period. During the period, SEG successfully entered into a share sale agreement with Arena Capital for the staged sale of the Perth Wildcats basketball team. Stage 1 completion occurred on 14th August 2024, resulting in the sale of 52.5% of shares in the entity for $21 million. The group utilized a portion of these funds to pay down its facility with Commonwealth Bank of Australia, which stood at $11.5 million as at the reporting date. On 8th November 2024, the group purchased 100% of the shares in the Perth Lynx basketball team, who play in the WNBL. On the same day, SEG sold 20% of those shares to external partners. The acquisition of the Perth Lynx aligns with the company's strategic focus on the continued expansion of women's sport.As at 31 December 2024, SEG was in a net cash position of $0.5 million, compared to $23 million net debt in the prior corresponding period. The balance sheet also contains a $19 million investment to be realized on completion of stages 2 and 3 of the Perth Wildcats sale.The company has relentlessly focused on strengthening its balance sheet position, which enabled it to declare a special dividend of 2 cents per share in October 2024, equating to the return of $5.5 million to shareholders.
For the half year ended 31 December 2024, revenue from continuing operations was $57.546 million, up 4%, and underlying EBITDA from continuing operations was $6.763 million, up 23%.