Timeweave posts robust results
Amalgamated Racing majority shareholder sees revenues rise 10% compared to the first half of last year.
AIM-listed holding group Timeweave, which owns a 50% share in Amalgamated Racing (AMRAC), saw revenues rise 10% in the first half of 2010 compared to last year, the company announced this morning.
The group, which changed its name from Alphameric to Timeweave earlier this year, saw its revenue increase to £13.88m from £12.57m in the same period last year.
Timeweave’s profit after tax dipped from £3.39m in the same period last year to £3.06m, but excluding “exceptional items from continuing operations”, profit rose from £3.39m to £3.61m half-on-half.
Alphameric Solutions, the racing technology arm of Timeweave, was sold to Openbet in May this year. Timeweave transferred from the main market to the AIM market of the London Stock Exchange in June.
AMRAC is a joint venture with Racecourse Media Services, which is in turn owned by a number of the UK’s foremost racecourses and Racecourse Investments, and which holds exclusive licences with 31 racecourses to broadcast pictures, audio and data from these courses to licensed betting offices within the UK and the Republic of Ireland on its television channel, TurfTV.
Gambling tycoon Joe Lewis is Timeweave’s single biggest shareholder, with a 30% stake in the business. In May this year Lewis brought in Richard McGuire, who previously headed up Lewis’s Tavistock Europe investment fund, to join the board of Alphameric plc as a non-executive director.
Peter Bertram, chairman, said: “The six months to 31 May 2010 saw significant change to the Group with the disposal of Alphameric Solutions Limited, the change of name from Alphameric plc to Timeweave plc, a move from the main market of the London Stock Exchange plc to AIM, a change of year end and changes to the board of directors.
“There exist a number of well publicised challenges to the industry, but AMRAC continues to trade well and in line with our expectations.”