14th Apr 2025 10:55
(Alliance News) - SpaceandPeople PLC on Monday said profit more than doubled during 2024, as a result of two major contract renewals.
The Glasgow-based promotional and short-term retail space provider said pretax profit for 2024 more than doubled to GBP225,000 from GBP103,000 in 2023.
This was largely due to two contract wins during the year, the first of which was another five-year deal with Network Rail, and the second of which was a five-year extension to its retail contract with ECE, Germany's largest shopping centre owner and manager.
Revenue grew 16% to GBP6.7 million from GBP5.8 million, while cost of sales increased 18% to GBP1.3 million from GBP1.1 million. Administrative expenses were up 13% to GBP5.4 million from GBP4.8 million.
"2025 is a year for development and change in the business," Chief Executive Officer Nancy Cullen said.
"In addition to moving our operational base, to be more centrally located in the UK, we are looking at a product launch aimed to stimulate demand from new space buyers, increased international development beyond Germany, widening our portfolio of venues and ambitious use of new technologies and digital outreach to streamline and grow the business moving forward.
"This is all being carried out against the backdrop of ensuring that we meet the business targets and sales goals that we have identified to meet our profit goals in 2025."
Shares in SpaceandPeople were flat at 97.50 pence each in London on Monday morning. The stock is up 22% over the past year.
By Emily Parsons, Alliance News reporter
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