Freddie's agency misses its goal

First Artist, the sports agency that lists Arsenal football stars Freddie Ljungberg and Kanu among its clients, is expected to miss its broker's targets with its first full-year results since joining the Alternative Investment Market.

The firm, run by brothers Jon and Phil Smith, moved from the Ofex market in December after buying European rival FIMO Sport Promotion. Its broker, Seymour Pierce, predicted profits of £2.2m for the year to the end of June but the group is expected to make £2m on turnover of £6.7m.

Despite the disappointing figures, the Smiths are expected to unveil a number of new initiatives that will boost its profile and profitability.

One is a venture with Chrysalis, the media group, to make a documentary about Freddie Ljungberg, who has gained a following beyond football because of his effervescent personality, wild hairstyles and flamboyant dress sense. The show has been sold to BSkyB, and First Artist hopes it will be the first of a series of TV ventures.

Another is a deal to be the exclusive representative of Sir Geoff Hurst, the former England striker famed for his hat-trick in the 1966 World Cup final. He will join First Artist's stable of sports-related TV personalities including Sky Sports pundit Andy Gray, ITV expert summariser Ron Atkinson and former England star Paul Gascoigne.

However, First Artist is suffering, like other football agents, from the collapse of the European transfer market due to the financial troubles of many clubs and the new transfer restrictions imposed by Uefa, the sport's governing body. Its shares have fallen from 58.5p shortly after it moved to AIM to just 17p on Friday.