UPDATE 1-Formation says trading ahead of expectations

(Adds CEO, analyst comments, share price)

LONDON, May 20 (Reuters) - Britain's Formation Group Plc (FRM.L: Quote, Profile, Research), a management company supplying services to footballers and television personalities, said it had traded ahead of expectations in the first half of its financial year.

The AIM-listed company -- which has TV presenters Ant & Dec, talent show creator Simon Cowell and footballer Wayne Rooney on its books -- posted pretax profit of 1.76 million pounds ($3.44 million) for the six months to Feb. 29, against 0.33 million for the same period a year earlier.

Chief Executive Neil Rodford said the company had diversified into entertainment from its origins in football by buying talent management business James Grant in March.

"We now handle talent management on or off the screen, stage or pitch," he said in a telephone interview on Tuesday.

The company has been restructured into management services, which handles contract and endorsement negotiations, and professional services, which provides wealth management, accountancy and property development.

"We understand the wealth management needs of our clients," he said. "Their career plans are shorter than traditional high-worth individuals."

Rodford said the next move would be into music management, and he is also looking for a standalone legal practice, which would be a "natural partner" to the company's U.S. sports management business.

Rodford acknowledged the business had been hit by negative sentiment surrounding football agents, but he said this was misplaced.