Paragon Entertainment Limited Trading Update (0555S)
06 March 2019 - 11:20PM
UK Regulatory
TIDMPEL
RNS Number : 0555S
Paragon Entertainment Limited
06 March 2019
Date: 06 March 2019
On behalf Paragon Entertainment Limited ("Paragon" or "the
of: Company")
Paragon Entertainment Limited
Trading Update
Paragon Entertainment Limited (AIM: PEL), the attractions
design, production and fit-out business, today provides a trading
update.
During the course of the audit of the 2018 financial statements
it has become apparent that following the adoption of IFRS 15,
certain revenue previously believed to be recognisable in FY2018
should now be deferred until FY2019.
As a result, the Company provides the following update to the
guidance previously notified in the trading update dated 18
December 2018:
Previous guidance Revised guidance
Revenue GBP9.5m to GBP9.8m GBP8.8m to GBP9.2m
------------------- -------------------
EBITDA loss GBP2.1m GBP2.3m to GBP2.5m
------------------- -------------------
Loss before tax GBP2.4m GBP2.5m to GBP2.7m
------------------- -------------------
The above numbers remain subject to the completion of the FY2018
audit process. The EBITDA loss and loss before tax numbers referred
to above are both stated after accounting for the bad debt of
GBP168,000 we disclosed in the announcement of 22 February
2019.
FY2018 results are expected to be published during May 2019.
Paragon's current confirmed order book remains strong. As
announced on 18 December 2018, our revenue forecast for H1 2019
remains between GBP6.0m and GBP6.5m with similar revenue expected
in H2 2019.
Based on current trading performance, with a substantial
reduction in overheads following the restructuring undertaken in
2018, Paragon is on track to see a return to profitability at both
EBITDA and net profit level in FY2019.
For further information:
Paragon Entertainment Limited
Mark Taylor (Chairman)
finnCap Ltd 01904 608020
Julian Blunt / Simon Hicks (corporate
finance)
Alice Lane (corporate broking) 020 7220 0500
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014
About Paragon
Paragon Entertainment Limited (AIM:PEL) is the holding company
for Paragon Creative whch is one of the largest experiential design
and build business in Europe serving museums, theme parks, retail,
aquarium & zoological, FEC and science centres across the
globe.
Paragon's projects have included:
-- The build of Rolling Stones Exhibitionism at the Saatchi Gallery, London;
-- The design and build of Kidzania, London;
-- The design and build of the Olympic Museum in Lausanne, Switzerland;
-- The design and build of the Dig It concepts worldwide;
-- The design and build of Titanic Belfast; and
-- The design and build of Motiongate and Lionsgate theme parks in the UAE.
Paragon listed on AIM in 2011.
Further information can be found at:
http://www.paragonent.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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