We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Spaceandpeople Plc | LSE:SAL | London | Ordinary Share | GB00BPQDJM21 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.50 | -2.91% | 83.50 | 82.00 | 85.00 | 86.00 | 83.50 | 86.00 | 10 | 12:54:10 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 5.53M | -1.71M | -0.8781 | -0.95 | 1.63M |
From May 2019 to May 2024
TIDMSAL
RNS Number : 2438C
SpaceandPeople PLC
28 September 2018
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
28 September 2018
SpaceandPeople plc
("SpaceandPeople" or the "Group")
Interim Results for the 6 months to 30 June 2018
SpaceandPeople (AIM:SAL), the retail, promotional and brand experience specialist which facilitates and manages the sale of promotional and retail merchandising space in shopping centres and other high footfall venues, announces interim results for the six months ended 30 June 2018.
Hot Features
Premium
Highlights
o Consolidated net revenue GBP3.85m (2017: GBP4.80m) - Down
GBP0.95m - 20%
o Retail division (UK and Germany) revenue fell GBP0.38m
but contribution before tax increased GBP0.09m to GBP0.28m
o Promotions division (UK and Germany) revenue fell GBP0.57m
and contribution before tax fell GBP0.47m to GBP0.04m
o Group loss before taxation GBP0.09m (2017: profit GBP0.17m)
- Down GBP0.26m. However, new revenue strategies and cost
savings actioned in the first half, together with the Group's
activities being second half weighted, mean the Board expects
to generate a profit of not less than GBP0.2m for the full
year
o Net cash outflow from operating activities GBP1.72m (2017:
inflow GBP0.49m)
o Net cash of GBP0.51m (2017: GBP0.78m)
o Basic earnings per share (0.40)p (2017: 0.73p)
Contact details:
SpaceandPeople Plc 0845 241 8215 Matthew Bending, Gregor Dunlay Cantor Fitzgerald Europe 020 7894 7000 David Foreman, Will Goode
Chief Executive's Interim Operating Statement
We went into 2018 on the back of a strong performance in 2017 with the key objective of winning new clients following the recruitment of additional client and venue focused resources. We also had the aim of extending our PopUp concept into new venues during 2018. I am happy to report that we are making progress on both of these objectives with momentum now being established. However, progress, although positive, has not occurred as quickly as we had originally anticipated. I remain confident that we will be on plan for new business and kiosks by the end of this year.
As I mentioned in my report for the year to December 2017, experiential sales in the UK had been slower than expected at the start of 2018. Unfortunately, this trend continued with adverse weather conditions in two quarters and the diversion of the World Cup. These events have had an adverse effect on footfall in Germany and the UK and a reduction of advertising spend in the UK, that said we have seen sales return to anticipated sales levels in Q3.
Revenue has reduced by 20% in the first half of 2018 compared with the previous year. Some of this reduction was anticipated in the UK retail and German promotional divisions, however the fall in UK promotional and German retail revenue was disappointing.
Divisional review
The UK
As I mentioned above, promotional revenue in the UK was lower in the first half of 2018 compared with the previous year. The 19% reduction was predominantly in the Brand Experience department. Two significant campaigns that we enabled in 2017 rebooked at significantly lower volumes in 2018 plus tactical advertising spend was diverted away from Experiential campaigns up to and during the World cup.
Revenue in the retail and MPK division was 12% lower than in 2017 due to the removal of a number of units from venues and a lower sales volume for MPK's. Although revenue fell, the contribution margin of this division increased significantly from 6% to 25%, as several of the units that were removed had not been making a profit.
Germany
The retail division saw a reduction in the number of RMUs from 94 units at the start of 2018 to 53 at the end of June. This reduction in units was as a result of the agreement with ECE for the extension of the contract into 2018, where an agreed number of RMUs were removed from some centres during the first quarter of 2018. This reduction happened earlier in the year than had been anticipated and an element of forecasted revenue was lost as a result. Additionally, average occupancy of the RMUs in the first half of the year was poorer than had been expected. The cause of this has been identified and we are putting in place new contracts with operators to address this going forward. Overall, the German RMU division made a loss of GBP0.08m in the first half year (2017: profit of GBP0.09m). The team in Germany are working hard to deliver POP Up units in the second half of the year and they are also trialling units with potential new venues.
The promotions division saw revenue fall to GBP0.20m (2017: GBP0.43m) and profitability drop to a loss of GBP0.1m (2017: profit of GBP0.02m). This was as a result of the remaining long-term contracts with ECE coming to an end with no new long-term contracts being concluded to replace them. As stated previously, we were aware of the impending loss of this revenue stream and the size of the team in this division has now been reduced substantially while they seek new opportunities.
Outlook
The focus during the second half of 2018 is to get back on track with UK promotional revenue and continue to develop the PopUp business in both the UK and Germany. We are currently having positive conversations with multiple venue owners both in the UK and Germany and we feel that although the reduced revenue in 2018 is a setback, it does not structurally undermine our strategy of new venue acquisition and product solutions to our venue owners.
There have been a number of cost savings achieved in the year so far, mostly through a decrease in headcount. This will result in a like for like reduction in overheads of GBP0.3m in 2019 compared with 2018. The group is now properly resourced for the scale of the current business, but also has the ability to develop new business opportunities for the future.
As a result of the slower than expected first half year along with the reduced expectations for Popup units in the second half of the year, the Board has revised market expectations for the full year to being an operating profit of GBP0.2m, down from the previous expectation of GBP1.0 million.
We are confident that we can regain sales momentum for next year which combined with the costs savings already identified. Our 2019 forecasts being unchanged despite the lower than anticipated 2018 outturn.
The group will generate a profit this year and it is the Board's intention to maintain our dividend policy.
Matthew Bending
27 September 2018
Independent Review Report to SpaceandPeople plc
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2018 which comprises, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.
As disclosed in note 2, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2018 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules for Companies.
Campbell Dallas Audit Services
Chartered Accountants
Statutory Auditors
Titanium 1
King's Inch Place
Renfrew
PA4 8WF
Date: 27 September 2018
Consolidated Group Statement of Comprehensive Income
For the 6 months ended 30 June 2018
Notes 6 months 6 months 12 months
to 30 June to 30 June to 31 December
'18 '17 '17
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Revenue 5 3,851 4,804 9,995
Cost of sales (1,276) (1,743) (3,389)
Gross profit 2,575 3,061 6,606
Administration expenses (2,733) (2,979) (5,640)
Other operating income 69 110 210
Operating (loss) /
profit before non-recurring
costs (89) 192 1,176
Operating (loss) /
profit (89) 192 1,176
Finance income 1 - 12
Finance costs - (19) (35)
(Loss) / profit before
taxation (88) 173 1,153
Taxation - (36) (237)
(Loss) / profit after
taxation from continuing
operations (88) 137 916
(Loss) / profit after
taxation
Other comprehensive
income (88) 137 916
Foreign exchange differences
on translation of foreign
operations 8 21 3
Total comprehensive income
for the period (80) 158 919
(Loss) / profit attributable
to:
Owners of the Company (77) 143 930
Non-controlling interests (11) (6) (14)
------- ------- --------
(88) 137 916
------- ------- --------
Total comprehensive
income for the period
attributable to:
Owners of the Company (69) 164 933
Non-controlling interests (11) (6) (14)
------- ------- --------
(80) 158 919
------- ------- --------
Earnings per share 13
Basic (0.40)p 0.73p 4.8p
Diluted (0.35)p 0.67p 4.3p
Consolidated Group Statement of Financial Position
At 30 June 2018
Notes 30 June 30 June 31 December
'18 '17 '17
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets:
Goodwill 6 8,225 8,225 8,225
Other intangible assets 7 9 21 15
Property, plant & equipment 8 1,026 1,431 1,147
------------- ------------- ------------
9,260 9,677 9,387
Current assets:
Trade & other receivables 3,180 3,067 3,367
Cash & cash equivalents 9 512 1,781 2,661
------------- ------------- ------------
3,692 4,848 6,028
Total assets 12,952 14,525 15,415
------------- ------------- ------------
Liabilities
Current liabilities:
Trade & other payables 3,095 4,060 5,120
Current tax receivable (111) (111) (46)
2,984 3,949 5,074
Non-current liabilities:
Deferred tax liabilities 91 90 91
Long term loan 10 - 1,000 -
------------- ------------- ------------
91 1,090 91
Total liabilities 3,075 5,039 5,165
------------- ------------- ------------
Net assets 9,877 9,486 10,250
------------- ------------- ------------
Equity
Share capital 12 195 195 195
Share premium 4,868 4,868 4,868
Special reserve 233 233 233
Retained earnings 4,336 3,926 4,698
Equity attributable
to owners of the Company 9,632 9,222 9,994
------------- ------------- ------------
Non-controlling Interest 245 264 256
------------- ------------- ------------
Total equity 9,877 9,486 10,250
------------- ------------- ------------
Consolidated Group Statement of Cash Flows
For the 6 months ended 30 June 2018
Notes 6 months 6 months 12 months
to 30 June to 30 June to 31 December
'18 '17 '17
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash inflow / (outflow)
from operations (1,660) 509 2,559
Interest received 1 - 12
Interest paid - (19) (35)
Taxation (65) (1) (136)
------------- ------------- ----------------
Net cash inflow / (outflow)
from operating activities (1,724) 489 2,400
------------- ------------- ----------------
Cash flows from investing
activities
Purchase of intangible
assets - (8) (12)
Purchase of property,
plant & equipment 8 (132) (84) (111)
Net cash outflow from
investing activities (132) (92) (123)
------------- ------------- ----------------
Cash flows from financing
activities
Bank facility (repaid)
/ received 10 - (200) (1,200)
Dividends paid 12 (293) - -
------------- ------------- ----------------
Net cash outflow from
financing activities (293) (200) (1,200)
------------- ------------- ----------------
Increase / (decrease)
in cash and cash equivalents (2,149) 197 1,077
Cash at beginning of period 2,661 1,584 1,584
------------- ------------- ----------------
Cash at end of period 9 512 1,781 2,661
------------- ------------- ----------------
Reconciliation of operating
profit to net cash flow
from operating activities
-------- ------ ------
Operating (loss) / profit (89) 192 1,176
-------- ------ ------
Amortisation of intangible
assets 6 8 18
Depreciation of property,
plant & equipment 253 211 522
Effect of foreign exchange
rate moves 8 21 6
(Increase) / decrease
in receivables 187 283 (17)
Increase / (decrease)
in payables (2,025) (206) 854
-------- ------ ------
Cash flow from operating
activities (1,660) 509 2,559
-------- ------ ------
Consolidated Group Statement of Changes in Equity
For the 6 months ended 30 June 2018
Share Share Special Retained Non-controlling Total
6 months to 30 capital premium reserve earnings Interest equity
June '18 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January '18 195 4,868 233 4,698 256 10,250
Foreign currency
translation - - - 8 - 8
Dividends - - - (293) - (293)
Profit / (loss)
for the period - - - (77) (11) (88)
At 30 June '18 195 4,868 233 4,336 245 9,877
----------- --------- --------- ---------- ---------------- ---------
Share Share Special Retained Non-controlling Total
6 months to 30 capital premium reserve earnings Interest equity
June '17 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January '17 195 4,868 233 3,762 270 9,328
Foreign currency
translation - - - 21 - 21
Profit / (loss)
for the period - - - 143 (6) 137
At 30 June '17 195 4,868 233 3,926 264 9,486
--------- --------- --------- ---------- ---------------- ---------
Share Share Special Retained Non-controlling Total
12 months to 31 capital premium reserve earnings Interest equity
December '17 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January '17 195 4,868 233 3,762 270 9,328
Foreign currency
translation - - - 3 - 3
Profit / (loss)
for the period - - - 933 (14) 919
At 31 December
'17 195 4,868 233 4,698 256 10,250
---------- --------- --------- ---------- ---------------- ---------
Notes to the financial statements
For the 6 months ended 30 June 2018
1. General information
SpaceandPeople plc is a limited liability company incorporated and domiciled in Scotland (registered number SC212277) which is listed on AIM (ticker: SAL).
This condensed consolidated interim financial information has been reviewed, but not audited, by the auditors, and their independent review is set out earlier in this report. It does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. The financial information for the 12 months to 31 December 2017 has been extracted from the statutory accounts for that period. These published accounts were reported on by the auditors without qualification or an emphasis of matter reference, and did not include a statement under section 498 of the Companies Act 2006, and have been delivered to the Registrar of Companies.
This condensed consolidated interim financial information was approved by the board on 27 September 2018.
2. Basis of preparation
This condensed consolidated interim financial information for the 6 months ended 30 June 2018 has been prepared in accordance with IAS 34 'Interim financial reporting'. The condensed consolidated interim financial information should be read in conjunction with the financial statements of the Group for the period ending 31 December 2017 which were prepared on a going concern basis under the historical cost convention in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
3. Accounting policies
The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the financial statements of the Group for the year ended 31 December 2017.
4. Seasonality of operations
Due to the seasonal nature of the retail business, higher revenues and operating profits are usually expected in the second half of the year than in the first six months, particularly for subsidiary companies POP Retail Limited and Retail Profile Europe GmbH.
5. Segmental reporting
The Group maintains its head office in Glasgow and an office in Hamburg, Germany. These are reported separately. The Group operates both Promotional Sales and Retail businesses in both the UK and Germany. The Group has determined that these are the principal operating segments as the performance of these segments is monitored separately and reviewed by the board.
The following table presents revenue and profit and loss information regarding the Group's two business segments - Promotional Sales and Retail, split by geographic area. Other segment represents the Groups investments in SpaceandPeople India.
Promotions Promotions Retail Retail Head Other Group
UK Germany UK Germany Office
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months
to
30 June '18
Revenue 1,465 199 1,447 722 - 18 3,851
----------- ----------- --------- --------- --------- --------- ---------
Segment profit/(loss)
before tax 156 (107) 361 (77) (394) (27) (88)
----------- ----------- --------- --------- --------- --------- ---------
6 months
to
30 June '17
Revenue 1,802 429 1,652 900 - 21 4,804
----------- ----------- --------- --------- --------- --------- ---------
Segment profit/(loss)
before
tax 489 16 106 90 (513) (15) 173
----------- ----------- --------- --------- --------- --------- ---------
12 months
to 31 December
'17
Revenue 3,695 807 3,438 1,993 - 62 9,995
----------- ----------- --------- --------- --------- --------- ---------
Segment profit/(loss)
before tax 1,950 (19) 401 163 (1,307) (35) 1,153
----------- ----------- --------- --------- --------- --------- ---------
6. Goodwill
6 months 6 months 12 months
Net book value to to to
30 June '18 30 June '17 31 December
GBP'000 GBP'000 '17
GBP'000
Opening balance 8,225 8,225 8,225
Closing balance 8,225 8,225 8,225
------------- ------------- -------------
7. Other intangible assets
6 months 6 months 12 months
Net book value to to to
30 June '18 30 June '17 31 December
GBP'000 GBP'000 '17
GBP'000
Opening balance 15 21 21
Additions - 8 12
Amortisation (6) (8) (18)
Closing balance 9 21 15
------------- ------------- -------------
8. Property, plant and equipment
6 months 6 months to 12 months to
Net book value to 30 June '17 31 December
30 June GBP'000 '17
'18 GBP'000
GBP'000
Opening balance 1,147 1,558 1,558
Additions 132 84 111
Disposals - - -
Depreciation (253) (211) (522)
Closing balance 1,026 1,431 1,147
--------- --------------------------------- ---------------------------------
9. Cash & cash equivalents
30 June '18 30 June '17 31 December
GBP'000 GBP'000 '17
GBP'000
Cash at bank and on hand 512 1,781 2,661
512 1,781 2,661
------------ ------------ ------------
10. Non-current liabilities
As at 30 June 2018, SpaceandPeople had not drawn down any (June 2017: GBP1.0m) of its agreed long-term revolving credit facility of GBP1 million (2017: GBP1 million) which is repayable by 31 July 2019.
11. Dividends
30 June '18 30 June '17 31 December
GBP'000 GBP'000 '17
GBP'000
Paid during the period 293 - -
12. Called up share capital
Allotted, issued and fully 30 June '18 30 June '17 31 December
paid '17
Class Nominal
value
Ordinary 1p GBP 195,196 195,196 195,196
Number 19,519,563 19,519,563 19,519,563
13. Earnings per share
Earnings per share has been calculated using the profit / (loss) after taxation attributable to owners of the company for the period and the weighted average number of shares in issue.
30 June '18 30 June '17 31 December
GBP'000 GBP'000 '17
GBP'000
Profit / (loss) after
taxation attributable
to owners of the company (77) 143 930
Weighted average number
of shares in issue during '000 '000 '000
the period
* 1p ordinary shares 19,520 19,520 19,520
* Share options 2,550 1,858 2,320
* Diluted ordinary shares 22,070 21,378 21,840
SpaceandPeople plc
2(nd) Floor
100 West Regent Street
Glasgow
G2 2QD
Telephone: 0845 2418215 Email: help@spaceandpeople.com
www.spaceandpeople.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
IR SEFFMWFASEIU
(END) Dow Jones Newswires
September 28, 2018 02:01 ET (06:01 GMT)
1 Year Spaceandpeople Chart |
1 Month Spaceandpeople Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
