Sportworld's shares, which have under-performed the FTSE All Share Index by around 30 per cent this year, rose by three per cent this morning to 255p, before falling back to 242p, after the company reported profits of£12 million on revenues up 72 per cent to£35.6 million.
Sportsworld chief executive said the company had benefited from the decline in traditional advertising as advertisers looked to new ways of reaching audiences.
'This was a strong performance and reflects both organic growth and the move by advertisers away from the traditional 30-second television commercial to the use of programming content,' Brown said in a statement.
Sales from its television programming and distribution division, which oversees its joint venture with Popstars global rights holder Five Divas as well as its Supermodels' tie-in with the Ford model agency, grew by 95 per cent to£16.8 million, nearly half of the group's total revenue.
Brown said Sportsworld, which this year brought the international rights to the Pepsi Chart Show, would look at making further acquisitions this year. Last year it acquired a 51 per cent stake in European extreme sports programme specialist X-treme as well as a number of sports related companies.