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  • BY: Andrew Hore |
  • POSTED: 25/03/2019 |

Retail and promotions group SpaceandPeople fell into loss in 2018, but it recently won a multi-year contract with Hammerson in the UK. 

Net revenues fell from £10m to £7.9m in 2018 and this meant that SpaceandPeople moved into loss, compared with a £1.2m profit in the previous year. The goodwill of the majority-owned Indian operation has been written down by £244,000.

There was a £1.42m cash outflow from operating activities. Net cash fell from £2.66m to £843,000.

There was a sharp fall in profit contribution from the UK promotions business and the German operations were loss-making. The UK retail operations were the only one to make a higher profit.

Adverse weather conditions and the World Cup hampered trading levels. December was also poor. Costs were reduced too late in the day to fully offset the negatives. 

SpaceandPeople has an agreement with MG Malls, which could help it to break in to North America.

A final dividend of 0.5p a share, one-third of the previous year figure, has been announced and the shares go ex-dividend on 4 April. 

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