Summary:

Digital sports rights company Perform has reported a 51 percent rise in revenue to £21.7m in the first quarter, the first market update sin…

Digital sports rights company Perform has reported a 51 percent rise in revenue to £21.7m in the first quarter, the first market update since the company floated on the stock exchange last month.

The company, which counts US billionaire Leonard Blavatnik as its largest shareholder, had aimed to float at 260p but has instead traded around 230p.

Perform has recovered somewhat from a post-IPO low of 202p recorded three days after listing on 8 April.

The company said trading is in line with management expectations and that it is on track to deliver strong growth for the year.

Perform, which is perhaps best known for delivering the online-only broadcast of England’s international football match against the Ukraine in 2009, has two main sources of revenue. The first is from distributing sports content to betmakers and online media across the world, with a second stream from ads running within content on its own and others’ websites.

In its content division the company saw streams of its Watch&Bet events increase 40 percent year on year in the first quarter to 2,768.

In the advertising and sponsorship operation video-on-demand streams viewed across its ePlayer network grew 170 percent year on year to £585m.

“This is our first trading update since listing and we are delighted to report an excellent start to the year, with continued strong growth across all our businesses and geographies,” said Oliver Slipper, Perform’s joint chief executive.

“We have signed up new partners, added further sporting content and broadened our reach, attracting on average over 100 million monthly sports fans to our various products and services.”

This article originally appeared in MediaGuardian.

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