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PMG revenues from golf event carried into 2016

10 April 2015 14:43

Revenues for Parallel Media Group's golf division from The Championship in Singapore will now fall into the company's 2016 financial year following the postponement of the event from 2015 to a new spring date in 2016.

This is expected to be announced as part of the European Tour 2016 schedule.

As previously announced, The Championship was re-located from Korea to Singapore in 2014 and the relocation of The Championship to Singapore has enabled PMG to run The Championship in Singapore and also to continue with a 'Championship' or similar event in Korea. Discussions in relation to an event in Korea during 2015 continue.

Parallel Media Group said the result of the postponement is that the revenue associated with the event will now fall into the company's 2016 financial year.

In addition, PMG is currently in advanced discussion with a further investor in the Championship (Singapore) Pte Limited, and is working alongside that potential investor to secure a title sponsor for The Championship.

Furthermore, as set out in the Company's half yearly results for the six months ended 30 June 2014, the Company continues its discussion to stage the 2015 edition of the Prudential Causeway Trophy in either Singapore or Malaysia.

The group says an update regarding its music division will be provided in due course. At 2:43pm: (LON:PAA) Parallel Media Group PLC share price was 0p at 17.5p

Story provided by StockMarketWire.com

Related Company: PAA

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