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Spaceandpeople Plc LSE:SAL London Ordinary Share GB00B058DS79 ORD 1P
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Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
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SpaceandPeople PLC Interim results

16/10/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9872B

SpaceandPeople PLC

16 October 2020

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.

16 October 2020

SpaceandPeople plc

("SpaceandPeople" or the "Group")

Interim Results for the 6 months to 30 June 2020

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 2020.

 
            Highlights 
             Financial 
             o Consolidated net revenue down 72% to GBP1.1m (H1 2019: 
             GBP3.8m) 
 
             o Group loss before non-recurring costs and taxation GBP1.6m 
             (H1 2019: loss GBP0.0m) 
 
             o Net cash outflow from operating activities GBP0.3m (H1 
             2019: outflow GBP0.2m) 
 
             o Facility headroom at 30 June 2020 of GBP2.2m (June 2019: 
             GBP1.8m) and GBP1.6m at 30 September 2020 (September 2019: 
             GBP0.9m) 
 
             o Basic loss per share before non-recurring costs 8.3p (H1 
             2019: loss per share 0.0p) 
 
 
             Operational 
 
             o Nancy Cullen promoted to Group Chief Executive Officer 
             and Andrew Keiller as Chief Operating Officer 
 
             o Successful application for GBP1 million under CBIL Scheme 
 
             o Business effectively ceased for three months in quarter 
             two of the year with venues beginning to reopen from May 
             in Germany and June in the UK 
 
             o Substantial overhead reduction programme now completed 
 
 

Contact details:

 
 SpaceandPeople Plc                 0845 241 8215 
 Nancy Cullen, Gregor Dunlay 
 Zeus Capital Limited (Nominated     0203 829 
  Adviser and Broker)                 5000 
 David Foreman, Jamie Peel, Rishi 
  Majithia 
 

Chief Executive's Interim Operating Statement

As you would expect, 2020 has been a very challenging year for the Group so far. The Covid-19 pandemic has impacted all areas of our business in every territory we operate. The challenge to our staff, clients, promoters and operators has been enormous and I am extremely grateful to them all for their help, resilience and understanding. I would have liked for my first report as CEO to have been during more normal times, however, I am proud of how the Group has coped with the challenges it has faced and I look forward to better times in the future.

Trading during the period

Prior to lockdown, trading in the UK and Germany had been going to plan and we were looking forward to a successful 2020. However, the period of lockdown from mid-March until the summer and the continuing restrictions and economic climate have had a profound effect on our key territories of the UK and Germany.

During lockdown, almost all of our activities had to stop and as a result, all bookings for that period were cancelled or postponed. For three months, we recorded virtually no revenue. Additionally, for revenue that had already been recognised for confirmed bookings, significant credits had to be raised and provisions of GBP464k made in relation to possible cancellations of existing promotional bookings in the UK. This led to a substantial decrease in revenue across the Group and significant losses in the first half of 2020.

This put considerable strain on the existing cash reserves of the business, however, we have been able to stabilise and underpin our position by utilising the UK Government backed CBIL Scheme to borrow an additional GBP1 million as well as salary support schemes in both the UK and Germany. The effect of this has been that we continue to function as normal and meet our commitments as they become due, while still having significant cash headroom in the business. Unfortunately, we also had to take the decision to rationalise and reshape the business to cope with the immediate and anticipated medium term reduction in trade. As a result, we had to make a number of redundancies, predominantly in the UK. This is particularly upsetting as a number of these people had been with the business for many years. We have also made significant savings in office rents with a move to smaller and less expensive, although more suitable and attractive accommodation in Glasgow, and other overheads as we have looked to reduce costs wherever appropriate.

The Board also took the unprecedented step of cancelling the final dividend for 2019. I am very grateful for the messages of support that we had from shareholders supporting this decision. We have always been a business that likes to pay dividends and we will aim to reintroduce them as soon as it is prudent for us to do so.

Emerging from lockdown

Germany began to emerge from lockdown before the UK and after a few months of rebuilding trade, we are now almost back to normal levels of trading in Germany in each month. However, confidence among some operators remains fragile and we are working hard to rebuild this before the important Christmas trading period begins.

In the UK, we have been emerging from lockdown in stages. The first of our main venues to reopen were retail parks in June, followed by shopping centres a few weeks later. Since then, the majority of our trade has been in retail bookings as brand experience and customer acquisition business has remained difficult to implement. Restrictions on media budgets and nervousness about running activations whilst social distancing needs to be maintained has led to activity cancellation and has had a strong depressive effect on the brand business. We have, however, successfully retained good levels of retail business driven by the demand for short-term pop-up style activity which can operate without long term commitment and we have focussed our sales resource to selling key products and services that are relevant to the current market.

The one major venue type that remained closed for the majority of bookings was railway stations, but I am happy to advise that we have now restarted booking in selected stations with promoters showing interest in resuming their business. The fact that we are not solely focused on one venue type has been crucial in restarting the business and we continue to look to diversify our venue portfolio further.

We have also launched a new initiative called "Revive" which specifically targets occupation of vacant retail shops with local, online and new-to-market retailers. There is real demand for this from property owners and we have successfully delivered our first bookings.

Outlook

As I write this, Covid-19 cases in the UK are on the rise again and local restrictions are being put in place in many areas of the country. Our industry is slowly recovering, but is by no means back to normal. When we forecast the outlook for our business earlier this year, we assumed scenarios where there were further lockdowns. Although this would be extremely unwelcome news for us, we are confident that we will be able to trade through such events and emerge in a position to take advantage of the recovery. We have good cash headroom, are streamlined and very focused on achieving results and seeing the grass roots of recovery in bookings from 2021 onwards.

Finally, it was announced recently that my co-founder of the business and previous CEO, Matthew Bending, has retired from the business. I would like personally to thank Matt for leading the business for the past 20 years and for all the effort he put in to developing the idea of commercialisation into what it has become. I wish him well for the future.

Nancy Cullen

15 October 2020

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 2020 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 2020 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.

Azets Audit Services

Chartered Accountants

Statutory Auditors

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

Date: 15 October2020

Consolidated Group Statement of Comprehensive Income

For the 6 months ended 30 June 2020

 
                                 Notes            6 months            6 months           12 months 
                                                to 30 June          to 30 June                  to 
                                                       '20                 '19         31 December 
                                                                   as restated                 '19 
                                               (Unaudited)         (Unaudited) 
                                                   GBP'000             GBP'000           (Audited) 
                                                                                           GBP'000 
 
 Revenue                           4                 1,075               3,785               7,735 
 
 Cost of sales                                       (829)             (1,410)             (2,865) 
 
   Gross profit                                        246               2,375               4,870 
 
   Administration expenses                         (1,914)             (2,481)             (4,955) 
 Other operating income                                 44                  98                 175 
 
 Operating (loss) / 
  profit before non-recurring 
  costs                                            (1,624)                 (8)                  90 
 
 Non-recurring costs               5                 (497)                   -                   - 
 
   Operating (loss) / 
   profit                                          (2,121)                 (8)                  90 
 Finance income                                          5                   3                   4 
  Finance costs                                       (14)                 (9)                (23) 
 
 (Loss) / profit before 
  taxation                                         (2,130)                (14)                  71 
 
 Taxation                                                -                   -                (21) 
 
 Loss after taxation 
 
  Other comprehensive 
  income                                           (2,130)                (14)                  50 
 Foreign exchange differences 
  on translation of foreign 
  operations                                             3                  10                (21) 
 Total comprehensive income 
  for the period                                   (2,127)                 (4)                  29 
 
 
 
 Loss attributable to: 
 Owners of the Company                      (1,892)          (1)           68 
  Non-controlling interests                   (238)         (13)         (18) 
                                           --------       ------       ------ 
                                            (2,130)         (14)           50 
                                           --------       ------       ------ 
 
 
 
 Total comprehensive 
  income for the period 
  attributable to: 
 Owners of the Company                      (1,889)            9           47 
  Non-controlling interests                   (238)         (13)         (18) 
                                           --------       ------       ------ 
                                            (2,127)          (4)           29 
                                           --------       ------       ------ 
 
 
 
 Earnings per share                 14 
 
 Basic - Before non-recurring             (8.3)p    (0.0)p    0.4p 
  costs                                   (9.7)p    (0.0)p    0.4p 
  Basic - After non-recurring             (7.6)p    (0.0)p    0.3p 
  costs                                   (8.8)p    (0.0)p    0.3p 
  Diluted - Before non-recurring 
  costs 
  Diluted - After non-recurring 
  costs 
 
 
 

Consolidated Group Statement of Financial Position

At 30 June 2020

 
                                Notes     30 June           30 June   31 December 
                                             '20                '19           '19 
                                                        as restated 
                                         (Unaudited)    (Unaudited)     (Audited) 
                                           GBP'000          GBP'000       GBP'000 
 Assets 
 Non-current assets: 
 Goodwill                         7            7,981          7,981         7,981 
 Other intangible assets          8                -              1             - 
 Property, plant & equipment      9              940            934           894 
                                       -------------  -------------  ------------ 
                                               8,921          8,916         8,875 
 Current assets: 
 Trade & other receivables                     1,486          3,469         3,428 
 Cash & cash equivalents         10            1,729          1,056         1,227 
                                       -------------  -------------  ------------ 
                                               3,215          4,525         4,655 
 
 Total assets                                 12,136         13,441        13,530 
                                       -------------  -------------  ------------ 
 
 Liabilities 
 Current liabilities: 
 Trade & other payables                        2,825          3,423         3,259 
 Current tax payable 
  / (receivable)                                 138             42            82 
                                               2,963          3,465         3,341 
 Non-current liabilities: 
 Deferred tax liabilities                        (3)            101           (3) 
 Lease liabilities                               271            126           160 
 Long term loans                 11            1,750            500           750 
                                       -------------  -------------  ------------ 
                                               2,018            727           907 
 
 Total liabilities                             4,981          4,192         4,248 
                                       -------------  -------------  ------------ 
 
 Net assets                                    7,155          9,249         9,282 
                                       -------------  -------------  ------------ 
 
 Equity 
 Share capital                   13              195            195           195 
 Share premium                                 4,868          4,868         4,868 
 Special reserve                                 233            233           233 
 Retained earnings                             1,882          3,733         3,771 
 
 Equity attributable 
  to owners of the Company                     7,178          9,029         9,067 
                                       -------------  -------------  ------------ 
 Non-controlling Interest                       (23)            220           215 
                                       -------------  -------------  ------------ 
 Total equity                                  7,155          9,249         9,282 
                                       -------------  -------------  ------------ 
 

Consolidated Group Statement of Cash Flows

For the 6 months ended 30 June 2020

 
                                  Notes       6 months       6 months      12 months 
                                            to 30 June     to 30 June             to 
                                                   '20            '19    31 December 
                                                          as restated            '19 
                                           (Unaudited)    (Unaudited) 
                                               GBP'000        GBP'000      (Audited) 
                                                                             GBP'000 
 Cash flow from operating 
  activities 
 Cash inflow / (outflow) 
  from operations                                (387)              9            252 
 Interest received                                   5              3              4 
 Interest paid                                    (14)            (9)           (23) 
 Taxation                                           56          (176)          (262) 
                                         -------------  -------------  ------------- 
 Net cash (outflow) from 
  operating activities                           (340)          (173)           (29) 
                                         -------------  -------------  ------------- 
 
 Cash flows from investing 
  activities 
 Purchase of intangible 
  assets                                             -              -            (1) 
 Purchase of property, 
  plant & equipment                 9             (21)           (16)           (47) 
 Net cash outflow from 
  investing activities                            (21)           (16)           (48) 
                                         -------------  -------------  ------------- 
 
 Cash flows from financing 
  activities 
 Bank loans drawn                  11            1,000            500            750 
 Payment of finance lease 
  obligations                                    (137)              -          (191) 
 Dividends paid                    12                -           (98)           (98) 
                                         -------------  -------------  ------------- 
 Net cash inflow / (outflow) 
  from financing activities                        863            402            461 
                                         -------------  -------------  ------------- 
 
 
 Increase / (decrease) 
  in cash and cash equivalents                     502            213            384 
 Cash at beginning of period                     1,227            843            843 
                                         -------------  -------------  ------------- 
 Cash at end of period             10            1,729          1,056          1,227 
                                         -------------  -------------  ------------- 
 
 
 Reconciliation of operating 
  profit to net cash flow 
  from operating activities 
 Operating loss                   (2,121)     (8)      90 
 Amortisation of intangible 
  assets                                -       3       5 
 Depreciation of property, 
  plant & equipment                   219     194     551 
 Effect of foreign exchange 
  rate moves                            8      10    (13) 
 Decrease in receivables            1,942      84     125 
 Decrease in payables               (435)   (274)   (506) 
                                 --------  ------  ------ 
 Cash flow from operating 
  activities                        (387)       9     252 
                                 --------  ------  ------ 
 

Consolidated Group Statement of Changes in Equity

For the 6 months ended 30 June 2020

 
                                      Share      Share    Special    Retained   Non-controlling      Total 
   6 months to 30 June              capital    premium    reserve    earnings          Interest     equity 
   '20                                                                                  GBP'000 
                                    GBP'000    GBP'000    GBP'000     GBP'000                      GBP'000 
 
 At 1 January '20                       195      4,868        233       3,771               215      9,282 
 Foreign currency translation             -          -          -           3                 -          3 
 Loss for the period                      -          -          -     (1,892)             (238)    (2,130) 
 At 30 June '20                         195      4,868        233       1,882              (23)      7,155 
                                -----------  ---------  ---------  ----------  ----------------  --------- 
 
 
                               Share          Share        Special        Retained        Non-controlling          Total 
   6 months to 30 June       capital        premium        reserve        earnings               Interest         equity 
   '19                                                                                            GBP'000 
                             GBP'000        GBP'000        GBP'000         GBP'000                               GBP'000 
 
 At 1 January '19 as 
  originally stated 
  for interim to 30/6/2019       195          4,868            233           3,726                    233          9,255 
  Prior period adjustment 
  Restated total equity 
   at 1 January '19                -              -              -              96                      -             96 
                                 195          4,868            233           3,822                    233          9,351 
 Foreign currency 
  translation                      -              -              -              10                      -             10 
 Dividends                         -              -              -            (98)                      -           (98) 
 Loss for the period               -              -              -             (1)                   (13)           (14) 
 At 30 June '19                  195          4,868            233           3,733                    220          9,249 
                            --------       --------       --------       ---------       ----------------       -------- 
 
 
                                 Share          Share        Special        Retained        Non-controlling          Total 
  12 months to 31 December     capital        premium        reserve        earnings               Interest         equity 
  '19                                                                                               GBP'000 
                               GBP'000        GBP'000        GBP'000         GBP'000                               GBP'000 
 
 At 1 January '19 as 
  originally stated 
  for year to 31/12/2018           195          4,868            233           3,726                    233          9,255 
  Prior period adjustment 
  Restated total equity 
   at 1 January '19                  -              -              -              96                      -             96 
                                   195          4,868            233           3,822                    233          9,351 
 Foreign currency 
  translation                        -              -              -            (21)                      -           (21) 
 Dividends                           -              -              -            (98)                      -           (98) 
 Loss for the period                 -              -              -              68                   (18)             50 
 At 31 December '19                195          4,868            233           3,771                    215          9,282 
                            ----------       --------       --------       ---------       ----------------       -------- 
 

Notes to the financial statements

For the 6 months ended 30 June 2020

   1.               General information 

SpaceandPeople plc is a limited liability company incorporated and domiciled in Scotland (registered number SC212277) which is quoted 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 2019 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 15 October 2020.

   2.               Basis of preparation 

This condensed consolidated interim financial information for the 6 months ended 30 June 2020 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 2019 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 2019.

A reclassification of right of use assets and lease obligations arising from the application of IFRS 16 has been reported within the comparative 6 month period to 30 June 2019. There is no impact on the previously reported profit or equity as a result of the reclassification.

Going Concern

Given the current and ongoing COVID-19 pandemic and the effect that it has had on the business, the Directors feel that it is appropriate for specific mention to be made in these Interim Results.

As disclosed in the 2019 Financial Statements, the Group had ensured that it had sufficient liquidity as a result of utilising the CBIL and Job Retention schemes as well as carrying out an overhead reduction plan and agreeing payment plans with HMRC and cancelling the final dividend. This has helped the Group manage the financial implications of the pandemic well and cash reserves are better than had been anticipated at this time.

The majority of the Group's clients are now conducting business with us again and given the reduced running costs of the Group and the current cash position, the financial projections beyond October 2020 demonstrate that the Group is able to operate within its current funding arrangements for the foreseeable future. Although the Directors cannot foresee all possible circumstances that may affect the Group in the future, they believe that, taking account of the forecasts, future plans and available cash resources, the Group will have sufficient resources to meet its financial commitments as they fall due.

As such, the Directors consider that it is appropriate to prepare the financial statements on a going concern basis.

   4.               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 '20 
 Revenue                           9           64        584        418          -          -      1,075 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment loss 
  before tax                   (799)         (63)       (18)      (275)      (465)      (510)    (2,130) 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 6 months 
  to 
  30 June '19 
  as restated 
 Revenue                       1,790          150      1,362        471          -         12      3,785 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment profit/(loss) 
  before 
  Tax                            535           24        116      (246)      (416)       (27)       (14) 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 12 months 
  to 
  31 December 
  '19 
 Revenue                       3,519          312      2,839        993          -         72      7,735 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment profit/(loss) 
  before tax                   1,060           83        407      (597)      (841)       (41)         71 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 

UK promotional revenue and loss before tax in the 6 months to 30 June 2020 has been reduced by GBP464k as a result of a provision made for both possible and confirmed cancellations of bookings as a result of the temporary closure of venues during that period.

   5.          Non-recurring costs 

Management continued to assess the viability of the Indian business during the period. Following a review of the carrying value of assets and liabilities in S&P India Pvt Limited, debtors with the previous book value of GBP497k were deemed to be impaired and were written down in full. The directors consider this adjustment to be a non-recurring cost.

   6.          Prior year adjustment 

In the second half of 2019 a required adjustment was identified to reflect the impact of revenue under recognised as a result of a material error in the application of contract terms in the revenue calculation. This resulted in a prior period adjustment being made in the 2018 results. The 2019 adjustment included GBP26k in relation to the first 6 months and as such revenue has been increased by GBP26k in the six month period to 30 June 2019. The full amount of this revenue has been recovered.

   7.               Goodwill 
 
                           6 months       6 months      12 months 
   Net book value                to             to             to 
                        30 June '20    30 June '19    31 December 
                            GBP'000        GBP'000            '19 
                                                          GBP'000 
 Opening balance              7,981          7,981          7,981 
  Impairment charge               -              -              - 
 Closing balance              7,981          7,981          7,981 
                      -------------  -------------  ------------- 
 
   8.               Other intangible assets 
 
                          6 months       6 months      12 months 
   Net book value               to             to             to 
                       30 June '20    30 June '19    31 December 
                           GBP'000        GBP'000            '19 
                                                         GBP'000 
 Opening balance                 -              4              4 
 Additions                       -              -              1 
 Amortisation                    -            (3)            (5) 
 Closing balance                 -              1              - 
                    --------------  -------------  ------------- 
 
   9.                Property, plant and equipment 
 
                             6 months    6 months to   12 months to 
   Net book value                  to    30 June '19    31 December 
                              30 June        GBP'000            '19 
                                  '20                       GBP'000 
                              GBP'000 
 Opening balance                  894            849            849 
 Additions on application 
  of IFRS16                         -            263            328 
 IFRS16 Lease additions           248              -              - 
 Additions                         21             16            276 
 Forex                              5              -            (8) 
 Disposals                        (9)              -              - 
 Depreciation                   (219)          (194)          (551) 
 Closing balance                  940            934            894 
                            ---------  -------------  ------------- 
 

The right of use lease liabilities are secured against the right of use assets.

   10.             Cash & cash equivalents 
 
                             30 June '20   30 June '19   31 December 
                                 GBP'000       GBP'000           '19 
                                                             GBP'000 
 
 Cash at bank and on hand          1,729         1,056         1,227 
                                   1,729         1,056         1,227 
                            ------------  ------------  ------------ 
 
   11.            Non-current liabilities 

As at 30 June 2020, SpaceandPeople had drawn down GBP750k (June 2019: GBP500k) of its agreed long-term revolving credit facility of GBP1 million (2019: GBP1 million) which is repayable by 31 October 2021. Additionally, a GBP1 million CBILS loan with a term of five years was drawn down as at 30 June 2020 (June 2019: GBP nil). The Group also has a GBP250k overdraft facility that was not drawn.

   12.             Dividends 
 
                            30 June '20   30 June '19   31 December 
                                GBP'000       GBP'000           '19 
                                                            GBP'000 
 
 Paid during the period               -            98            98 
 
 
   13.            Called up share capital 
 
 Allotted, issued and fully        30 June '20   30 June '19   31 December 
  paid                                                                 '19 
 Class         Nominal 
                value 
 Ordinary      1p         GBP          195,196       195,196       195,196 
                          Number    19,519,563    19,519,563    19,519,563 
 
   14.             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 '20    30 June '19    31 December 
                                                     as restated            '19 
                                          GBP'000        GBP'000    as restated 
                                                                        GBP'000 
 (Loss) / profit after 
  tax for the period attributable 
  to owners of the Company                (1,892)            (1)             68 
 
   Non-recurring items                        273              -              - 
 
 (Loss) / profit after 
  tax for the period before 
  non-recurring costs attributable 
  to owners of the Company                (1,619)            (1)             68 
 
 
 Weighted average number 
  of shares in issue during          '000     '000     '000 
  the period 
 
   *    1p ordinary shares         19,520   19,520   19,520 
 
   *    Share options               1,874    1,033    1,471 
 
   *    Diluted ordinary shares    21,394   20,553   20,991 
 

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END

IR FFFVLIILVLII

(END) Dow Jones Newswires

October 16, 2020 02:00 ET (06:00 GMT)

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