SpaceandPeople PLC Trading Update (3361O)
29 January 2019 - 6:00PM
UK Regulatory
TIDMSAL
RNS Number : 3361O
SpaceandPeople PLC
29 January 2019
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
SpaceandPeople plc
("SpaceandPeople" or the "Group")
Pre-Close Trading Update
SpaceandPeople, (AIM:SAL) the retail, promotional and brand
experience specialist, today announces a pre-close trading update
ahead of its preliminary results for the year ended 31 December
2018, which will be released on 25 March 2019.
Trading during the final quarter of 2018 was not as strong as
had been anticipated, with December trading being subdued in
particular, in part due to well documented difficult high street
trading conditions. As a result, the Group now expects to report a
loss before taxation and non-recurring items of circa GBP0.1
million.
The Board has also taken the decision to write off the carrying
value of the goodwill in relation to SpaceandPeople India Pvt
Limited of GBP0.24 million. The Indian business continues to trade
at expected levels, however, the level of profitability cannot
support the carrying value of this goodwill at the moment. This
will be reported as a non-cash non-recurring item in the Group's
preliminary results.
The year-end cash position was circa GBP0.8 million (2017
adjusted to reflect the timing of certain client payments as
previously reported: GBP1.9 million). The Group remained debt free
at the year end.
The Board is confident that new initiatives, cost cuts and
anticipated new business wins will return the Group to growth in
2019 and beyond.
Despite the full year result being a small loss before
non-recurring items, the Board maintains its intention to maintain
a dividend payment and will propose a final dividend of 0.5p per
share at the AGM for shareholder approval.
It is anticipated that the Group's preliminary results will be
announced on 25 March 2019.
- Ends -
For further information, please contact:
SpaceandPeople plc 0845 241 8215
Matthew Bending
Gregor Dunlay
Cantor Fitzgerald Europe 020 7894 7000
David Foreman / Will Goode (Corporate Finance)
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END
TSTCKFDQDBKBODB
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