Sports marketing and media group Parallel Media has revealed an 8% increase in its profits of £1.6m.

The interim financial results for the group show the increase in profits from £1.5m last year, while turnover has also grown by 3% to £6m and operating profit has increased by 21% to £441,000.

New profit, after tax, has also risen by 414%to £396,000 from last year’s figure of £77,000.

David Ciclitira, chairman of PMG, commented: "The first six months of this year have been a positive period for Parallel Media Group plc, as we have continued to grow the traditional events and sponsorship business in Asia, whilst continuing to invest in a revolutionary new Smart Media Platform with global applications in sport, culture, and lifestyle.

“We are pleased to receive continued and growing support from existing directors and shareholders whilst also welcoming some new shareholders as we embark on the next exciting phase of this journey,” added Ciclitira.