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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 80.00 | 75.00 | 85.00 | 80.00 | 80.00 | 80.00 | 500 | 08:00:24 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 5.53M | -1.71M | -0.8781 | -0.91 | 1.56M |
From Apr 2019 to Apr 2024
TIDMSAL
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.
Hot Features
Premium
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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