25th Mar 2024 14:11
(Alliance News) - Aeorema Communications PLC on Monday said it swung to a half-year loss as its revenue tumbled.
Shares in Aeorema fell 23% to 58.05 pence each in London on Monday afternoon.
In the six months that ended December 31, the London-based live events' agency swung to a pretax loss of GBP243,534 from a profit of GBP326,021 a year earlier.
Revenue fell 7.0% to GBP6.6 million from GBP7.1 million, while administrative expenses rose 42% to GBP1.7 million from GBP1.2 million.
The firm declared an interim dividend of 3 pence per share, up 50% from 2p the year prior.
Looking ahead, Aeorema expects full-year revenue of no less than GBP19 million compared to GBP20.2 million in the financial year that ended June 30, 2023.
Chair Mike Hale commented: "With a focus on adaptability and forward planning, Aeorema is well positioned for the future and is confident in its ability to deliver sustainable growth and value creation over the long term. We also expect to reaffirm our commitment to shareholders by maintaining our dividend policy. While this half year's financial performance reflects the impact of project timing, we are encouraged by the underlying strength of our business and our pipeline. Our focus remains steadfast on delivering creative brilliance for our clients on a global scale, and sustained growth and value to our shareholders."
By Sabrina Penty, Alliance News reporter
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