10th Feb 2014 10:19
LONDON (Alliance News) - Attractions design, production, fit-out business and operator Paragon Entertainment Ltd Monday said revenues were up about 60% in 2013 while operating profits were in line with market expectations.
In a trading update, the company said revenues were GBP10.0 million for the whole year, up from GBP6.1 million in 2012, while earnings before interest, tax, depreciation and amortisation were in line with expectations of GBP0.6 million. It had about GBP930,000 in cash and no debt at the end of the year.
The company reported underlying Ebitda, which excludes exceptional items, of GBP305,000 in 2012.
The company has spent the past couple of years building itself from a pure design and build company to one that is now also looking to run its own attractions as well as owning intellectual property for attraction concepts.
Paragon Entertainment now has three divisions: Creative, which is the design and build consultancy, Attractions, which is the home for its own-brand attractions, and Leisure, which licenses exclusive and third-party attraction intellectual property. Its Leisure brands so far include Hasbro's Nerf product and YuKids.
Its design and build business remains the main area of its business, and growth was driven by the recently completed GBP7 million Olympics Museum project, as well as the Twickenham Rugby Museum, and the Eureka Children's Museum. It said the division has a GBP10.2 million order book, and has started work on Hamley's Russia and Kidzania London.
"I am very pleased to report the company's robust balance sheet, strong order book and pipeline. We have entered 2014 with a good platform for growth and a clear road for our strategic goals," Chief Executive Mark Pyrah said in the statement, adding that the company is confident for 2014 and beyond.
"We are particularly excited about maximising the potential in both the Attractions division and the newly created Leisure & Licensing division, which includes considerable opportunities for IP-Rights commercialisation in the attractions industry," he added.
The company expects to release its full 2013 results on or around March 26.
Paragon Entertainment shares last traded at 4.375 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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