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SpaceandPeople
- BY: Andrew Hore |
- POSTED: 09/01/2017 |
Retail and brand promotion services provider SpaceandPeople was hit by restructuring costs in 2016 but thinks it will return to profit this year.
December trading was disappointing as revenues from the mobile promotion kiosks was lower than budgeted due to delays in rolling-out new units until 2017. A shortfall of £700,000 in revenues will knock £425,000 from profit. There were £700,000 of restructuring and closure costs in 2016. Excluding these costs, SpaceandPeople should at least breakeven.
In total, £1.45m of costs have been cut. This is designed to cope with the fact that the UK is expected to be flat this year and German revenues will decline. Venues have been added in the UK, including Bromley shopping centre and three London rail stations (London Bridge, Euston and Paddington).
There is £250,000 in the bank.
The share price slumped 4.5p to 17.5p, which is barely more than one-quarter of the high for the year.
The 2016 figures will be published on 27 March.
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