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MAMA Swings To A Profit

LONDON (CelebrityAccess MediaWire) — Venue operator MAMA Group reported that they have managed to chalk up a pre-tax earnings increase of 28% on the year ending July 31st.

MAMA's profit before interest and taxation for the year was £6.03m, compared to £0.60m for the year ended 31 July 2008; Net assets increased to £29.59m from £23.53m in July 08 and turnover increased by 14.0%; Group revenues for the period totalled £38.2m.

Boosting MAMA for the year was the divestment of 50% of the Mean Fiddler Group to HMV which allowed MAMA to eliminate their bank debt.

"Strategically, our combination of strong live venues married to both a growing artist management roster and significant positions in ticketing, sponsorship and digital environment is, we believe, the model for the industry of the future. Our results are demonstrating that to be the case. We see opportunities for further growth." said MAMA Co-CEO Adam Driscoll. – CelebrityAccess Staff Writers