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Cricket exit whacks profit at Int'l Brand
Date: Monday 04 Aug 2008
LONDON (ShareCast) - International Brand Licensing (IBL) said its decision to scrap its England cricket sponsorship agreement at the end of March, one year early, was responsible for a big plunge in annual profit.
The owner of the Admiral sportswear brand reported a pre-tax profit of £148,000 for the 12 months ended 30 June 2008, down from £1.23m in 2007, on revenue of £306,000 versus £1.53m last time.
“Considering the extremely depressed sports retail market of today and the decline in demand for replica merchandise, it was undoubtedly the right decision for the company,” said IBL of its cricket deal exit.
In June, the company’s shares dropped sharply as weaker sales of England replica cricket shirts sent turnover tumbling 40% to £1.86m in 2007.
