Sportsworld posts £2.9m loss after Olympic investment

Financial statements on Companies House show the loss for the year to 30 September 2011, a turnaround from Sportsworld's pre-tax profit of £2.2 million in 2010.

Turnover was £7.5 million last year, a drop from £21.7 million for 2010 when Sportsworld provided hospitality at the South Africa FIFA World Cup.

The directors’ reports states: "The focus in 2011 was the delivery of established events and the development of business in and round the Olympics in 2012. This requirement increased the cost base because of the requirement to build an experienced team which led to numerous sponsor hospitality appointments."

Sportsworld is working with eight sponsors during this summer's Olympics, including Samsung, BMW and Deloitte. It told Event it had invested significantly in technology used to manage its hospitality programmes and increased its staff numbers to 400, with new Olympic divisions created.

A spokesperson said: "A dedicated accommodation division and a destination management service has been established to support the various programmes and inbound Olympic agents that are well known to Sportsworld. Developments and preparation are going as expected and our programs are all on track to deliver an exceptional Olympic experience for our customers."

Sportsworld is part of TUI Travel and has operated programmes for corporates and sponsors at every Olympic Games since Los Angeles in 1984.

For London 2012 it is offering Olympic screenings, opening and closing ceremony parties and escorted tours with a Sportsworld host during the Games.

Sportsworld recently extended its 20-year relationship with the Wimbledon Tennis Championships with a contract to provide hospitality to for the next five years, covering Asia and Australasia as well as the UK.

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