Paragon Entertainment Limited Trading Update (8880B)

TIDMPEL

RNS Number : 8880B

Paragon Entertainment Limited

12 June 2019

 
Date:      12 June 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, provides an update on the financial performance of the Company for the year ended 31 December 2018 ("FY 2018") and revised guidance on the expected financial performance of the Company for the six months ending 30 June 2019 ("H1 2019").

During the Audit of the FY 2018 financial statements it has become apparent that following the adoption of IFRS 15, some revenue (and therefore the profits associated with that revenue) that was previously expected to be recognisable in FY 2018 will now be recognised in FY 2019. This mainly relates to a shift in the programme and therefore revenue/profit recognition regarding the Company's Kidzania Abu Dhabi project.

Therefore the Company provides the following update to the guidance previously notified in the Trading Update dated 6 March 2019:

 
                    Previous guidance   Revised guidance 
 Revenue           GBP8.8m to GBP9.2m            GBP9.0m 
                  -------------------  ----------------- 
 EBITDA loss       GBP2.3m to GBP2.5m            GBP2.7m 
                  -------------------  ----------------- 
 Loss before tax   GBP2.5m to GBP2.7m            GBP3.0m 
                  -------------------  ----------------- 
 

As a result of the shift in revenue and profit recognition referred to above, the Board now expects revenue for H1 2019 to be between GBP6.5-7m with similar revenue expected in H2 2019. EBITDA for H1 2019 is expected to be GBP0.3m.

The Board continues to look at opportunities to reduce the cost base of the Company with a view to reducing long term overheads and to increase future profitability.

 
 For further information: 
 
  Paragon Entertainment Limited 
  Mark Taylor (Chairman) 
  Damien Latham (CEO) 
 
  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, Abu Dhabi & 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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June 12, 2019 02:00 ET (06:00 GMT)