7th Feb 2022 11:36
(Alliance News) - SpaceandPeople PLC's share price soared by over a third on Monday as it provided a strong trading update for 2021, and a "confident" outlook for the new year.
The Glasgow-based marketing and promotions firm said revenue was up 61% to GBP4.5 million in 2021 from GBP2.8 million in 2020. The company said the easing of restrictions in the second half of the year led to a bounce-back in trading activity as venues re-opened. This was somewhat set back by government advice in the key December period, it said, following the outbreak of the Omicron variant.
SpaceandPeople's share price was up 41% to 13.06 pence in London on Monday morning.
The company had cash of GBP1.4 million at the end of December, up from GBP800,000 a year before. It had GBP2.0 million term in loans, up from GBP1.8 million. Undrawn bank facilities stood at GBP750,000, up from GBP500,000. Cash headroom at year-end was GBP2.1 million, up from GBP1.3 million a year prior.
"Trading has continued to recover in early 2022 in both the UK and Germany and the board is increasingly confident on the outlook for the business and has the resources and opportunities to deliver sustained and improved financial performance," the company said.
Full results for 2021 will be released during the week starting April 25.
By Elizabeth Winter; [email protected]
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