Aeorema Communications Sinks To Interim Loss Despite Revenue Increase

26th Mar 2018 13:49

LONDON (Alliance News) - Aeorema Communications PLC on Monday swung to a loss in the first half of its financial year, but called the period "positive", as revenue rose sharply.

The events and communications company posted a pretax loss of GBP150,000 for the six month to the end of December, compared with GBP77,000 profit for the same period a year earlier. This was due to the exceptional and non-recurring charge of GBP231,000, compared with no such charge in the first half of 2016.

Aeorema said that costs were associated with the change of management under its restructuring programme. Administrative expenses grew slightly to GBP707,000 from GBP700,000.

The group revenue rose to GBP1.9 million from GBP1.6 million a year before, lifting operating profit to GBP81,000 from GBP77,000 the year before.

The company ended the period with GBP1.0 million in cash, slightly less than GBP1.2 million it had the prior year.

Aeorema Chairman Michael Hale said: "Looking ahead, we remain focused on building an industry-leading, profitable, dividend-paying business with an illustrious blue-chip client base. To this end, we continue to drive growth and innovation both in-house and via value accretive growth opportunities."

The company also said that it has appointed Julian Staveley, the founder of London-based experiential events agency Thrive London Ltd, as director of experiential.

Staveley will be responsible for building Aeorema's presence in experiential events, strengthening its pipeline of new business opportunities as well as supporting existing client base.

"He has delivered global activations for clients including Barclaycard, Glenfiddich and Sky, and I am confident that his extensive experience and contacts will be invaluable to the company moving forward as we provide an enhanced service offering to both current and new clients," Hale added.

Shares in Aeorema were trading 2.6% lower at 28.25 pence per share on Monday.

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