Sports Entertainment Group's Q1 2024 Activities Update

Sports Entertainment Group Limited (ASX: $SEG) has reported a 24% increase in revenue from continuing operations, reaching $31.0 million for the quarter ending 31 March 2024. The net cash inflows for the period amounted to $2.9 million, with neutral operating cashflows and significant contributions from the successful sale of the NZ digital and audio businesses, share issue, and investment in SEN Teams. As of 31 March 2024, the group's cash position stood at $8.0 million, which improved to approximately $11 million subsequent to the quarter.

Executive Commentary on Q1 2024 Performance

The Board of Sports Entertainment Group Limited is pleased with the company's performance in the first quarter of 2024. The 24% increase in revenue from continuing operations reflects the successful execution of our strategic initiatives. The net cash inflows of $2.9 million demonstrate the resilience and financial strength of the business, supported by the proceeds from the sale of certain assets and strategic investments. We remain focused on optimizing our working capital and have made significant progress in debt reduction, with plans to pay $3 million to CBA by the end of April 2024 and a further $4.1 million by 31 July 2024, aligning with our commitment to strengthen the company's financial position and capital structure.

Summary of Q1 2024 Report and Outlook

In summary, Sports Entertainment Group's Q1 2024 report highlights a robust financial performance, marked by a 24% increase in revenue and improved net cash inflows. The company's strategic focus on optimizing working capital and reducing debt has resulted in a strengthened cash position, with group cash improving to approximately $11 million as of the date of the report. Looking ahead, Sports Entertainment Group remains committed to delivering unique and exclusive sports media content and entertainment to diverse audiences through multiple platforms. The company's efforts to enhance its financial position and meet debt obligations reflect its dedication to sustainable growth and value creation for stakeholders.