10th Nov 2020 18:34
Arena Events Group PLC - bespoke turnkey temporary structure builder - Reports GBP4.7 million pretax loss for the six months ended September 30, swinging from a GBP2.3 million profit the year before as revenue dropped 52% to GBP42.8 million from GBP88.3 million. Notes that: "The business saw the first signs of disruption early in the first calendar quarter of 2020, but the six-month period reported here was characterised by national lockdowns, widespread event cancellations and deferrals, and a refocusing of the business on non-event revenue streams." Says no dividend for financial 20201 as prioritising cash resource optimisation.
Chief Executive Greg Lawless: "The continued uncertainty generated by Covid-19 means we are unable to predict with any certainty when our revenues will begin to return to normal. Our focus therefore remains on protecting our existing cash resources and undrawn facilities for the next six months and beyond. This has been, and continues to be, our number one objective."
Current stock price: 7.55 pence; up 37% on Tuesday
Year-to-date change: down 64%
By Anna Farley; [email protected]
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