20th Jun 2014 07:15
LONDON (Alliance News) - Reach4Entertainment Enterprises PLC saw its shares rise Friday after saying trading in 2014 has got off to a good start, driven by its New York theatre business, and it is confident of meeting market expectations for the year as a whole.
In a statement, the media and entertainment company noted that its performance has traditionally been weighted to the second half of each year because it benefits from the peak summer and year-end theatre seasons. However, it said that this year, trading at its New York-based theatre and live entertainment business Spot & Company of Manhattan Inc had been very strong and hence it thinks its results will be more balanced between the first and second half of the year.
"SpotCo continues to benefit from buoyant market conditions on Broadway, with performance supplemented through the delivery of a number of significant, one-off projects," the company said. "The breadth of clients continues to grow with the addition of the Lincoln Center Theatre and there is a strong slate of upcoming new shows launched for opening later in the year."
It said London-based Dewynters Ltd has delivered a solid performance, despite the cancellation of a number of shows, while performance remains "robust" at its signage and fascia business Newman Displays.
"I have been pleased with the group's strong start to the year and am confident of it meeting expectations for the full year. Our New York operations have been the highlight so far, performing strongly at a time of robust spending on Broadway, with an encouraging book of new business boding well for the rest of the financial year," Chairman David Stoller said in the statement.
"Both SpotCo and Dewynters continue to seek to expand their customer offering and client base in order to secure future growth opportunities, and I am confident of reporting further progress on this throughout the year," he added.
Reach4Entertainment's shares were up 20% at 5.7 pence early Friday, the biggest gainer on the AIM All-Share index.
By Steve McGrath; [email protected]; @SteveMcGrath1
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