29th Jun 2020 14:04
(Alliance News) - SpaceandPeople PLC on Monday said it swung to a profit in 2019 due to lower administration expenses and prior year costs that did not repeat.
The retail licensing space marketing firm posted a GBP71,000 pretax profit for 2019, having made a GBP297,000 loss the year before.
This swing resulted from a 7.4% drop in administration expenses to GBP5.0 million from GBP5.4 million as well as GBP244,000 of non-recurring costs incurred in 2018 that did not repeat in 2019.
Revenue fell 4.9% to GP7.7 million from GBP8.1 million the previous year.
No dividend was proposed for 2019 so as "to preserve the group's cash".
Chair George Watt said: "During the first half of 2020 management's focus has been on ensuring the business survives the impact of Covid-19 and the lockdown measures which have been imposed by government to control the pandemic.
"As we now begin to emerge from these it is unclear how quickly and fully the economies of the UK and Germany will recover. Priorities have therefore been on cost control, cash management and ensuring the business is in the strongest possible shape for the uncertain future we face."
Watta said the company was using "government furloughing schemes" and the Coronavirus Business Interruption Loan Scheme to help shore up its financial position.
Shares in SpaceandPeople were down 1.4% at 6.90 pence in London in Monday afternoon.
By Anna Farley; [email protected]
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