SpaceandPeople FY revenues seen 'slightly above' expectations

19th Feb 2024 09:25

(Sharecast News) - Promotional and brand experience specialist SpaceandPeople revealed on Monday that it had put on a "strong" second-half performance, putting total full-year revenues "slightly above" market expectations.

SpaceandPeople said total unaudited revenue for the 2023 trading year was approximately £5.8m, ahead of the prior year's £4.7m performance, due to "particularly strong" brand experience revenues, the successful launch of its 'Rock Up and Pop Up' service and the continued recovery and expansion of its German retail business.

The AIM-listed group also noted that UK retail revenue will now be recognised on a net basis in FY23, with FY22 comparative figures being restated. Under the new revenue recognition policy, market expectations for FY23 revenue should therefore be adjusted from £6.5m to £5.7m.

In terms of balance sheet, as at 31 December, SpaceandPeople had cash of £1.9m, flat year-on-year, with £1.1m of term loans and undrawn bank facilities of £700,000 (2022: £0.7 million).

As of 1200 GMT, SpaceandPeople shares had surged 44.87% to 84.75p.

Reporting by Iain Gilbert at Sharecast.com