Paragon Entertainment Limited Trading Update (0555S)

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 [e-mail] or visit www.rns.com.

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March 06, 2019 07:20 ET (12:20 GMT)