As foreshadowed here in November, First Artist Corporation has turned a £493,000 annual loss into an £809,000 pre-tax profit.

Jon Smith, chief executive of acquisitive First Artist, where ex-boxing promoter Jarvis Astaire recently became chairman, says the AIM-quoted company has completed the reshaping of its business from pure football player representation. Prompted by the consequences of the collapse of ITV Digital in Britain and of Bertelsmann in Europe as well as European Union changes to football players' contracts, First Artist made three acquisitions.

Now the company operates three principal businesses: player representation through Team Sports Management, wealth management through ABG Financial and corporate events and conference management through The Finishing Touch. In the year to last October, First Artist increased turnover from £3.9 million to £5.9 million and converted an operating loss of £447,000 into an £850,000 operating profit.

A £3.1 million financing enabled the company to proceed on its acquisitive path. Smith says further the acquisitions are on the way, with a particular emphasis on strengthening the company in the entertainment sector.

At 6.63p, the shares, though not risk-free, could repay a punt.