23rd Sep 2024 13:45
(Alliance News) - SpaceandPeople PLC on Monday said its revenue jumped more than 30% in the first half of 2024 helped by "record levels" in its second quarter.
The Glasgow-based provider of promotional and short-term retail space said its revenue for the six months to June 30 was GBP2.9 million, up 32% on-year from GBP2.2 million. The company's pretax loss narrowed to GBP210,000 from GBP424,000 at the same time last year.
The company said its UK Brand Experiential business performed "particularly well, where despite a slow start to the year, the revenue achieved in the second quarter was at record levels for our business".
It added: "We also delivered strong growth in Germany, driven by a further expansion in the number of kiosks in operation."
Chief Executive Nancy Cullen said: "I am delighted to report that the group performed very well in the first half of 2024, with all divisions, both in the UK and Germany, continuing to show strong growth, with our new products and services producing encouraging year-on-year increases, reinforcing the unique selling points of the SpaceandPeople platform and service.
"Since the half year end, we received the fantastic news that we have retained the contract with Network Rail for a further five-year period, and we have added Southeastern train stations too. This win, combined with the innovative approach that we are taking to developing new physical retail business, our new insights platform and our outreach into European venues beyond Germany means that the company is in good shape to continue to develop and grow. This summer has seen a real increase in interest in experiential campaigns and we therefore hope for a strong fourth-quarter in this sector."
Shares in SpaceandPeople fell 8.2% to 91.85 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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