London based MAMA Group have posted profits of £1.74million, compared to a £800,000 loss the previous year.

London based MAMA Group have posted profits of £1.74million, compared to a £800,000 loss the previous year.

The profit boost and corresponding 39% increase in turnover, comes after a busy year for the Barfly network owners, who expanded their venue business greatly by acquiring most of Mean Fiddler's venue business as well as two London venues (The Forum and the Hammersmith Apollo) from Academy Music Group.

MAMA's other main activitie are in music management and their artist roster includes Kaiser Chiefs and Franz Ferdinand with MD Dean James saying "the last 18 months have seen us consolidate our position as one of the UK's leading music businesses. We have the largest number of live music venues in the UK and jointly own the largest artist management collective in the world, at a time when all major music groups are re-engineering their businesses to get closer to artists."

MAMA also recently announced a tie up with record label and artist management group Nettwerk. MAMA took a 20% stake in the Canadian music group.