MAMA Reveals Growth

MAMA Group has reported a sharp drop in pre-tax profits to £152,000, although the value of the media company’s net assets has rocketed from £5.98 million to £19.65 million.

The company has tripled the size of its live division with the acquisition of Mean Fiddler Holdings venues including the original Mean Fiddler in London, The Garage, The Borderline and The Jazz Café. It’s also opened new venues in Birmingham and Edinburgh.

MAMA has created one of the largest artist management collectives in the world via its investment in the Nettwerk businesses in North America.

The expansion may not have ended, as the cash reserves available to the group stood at £9.84 million as of January 31, a material increase from the £4.15 million available a year earlier.

Three weeks ago the company spent £2 million in cash and £625,000 worth of MAMA shares to acquire Angel Music Group, a significant player in the festival market with its Global Gathering, Escape Into The Park and Godskitchen.

Having built the business over the last year, the company says it now expects a strong second half and continued growth in revenues and profits in the coming months.

"We have transformed the prospects for the group over the last 12 calendar months and now believe that we are the best strategically positioned U.K. music company," said a statement from co-chief execs Adam Driscoll and Dean James.

"We have significant operations in live music, artist management and publishing – all are music industry growth areas."