Arena Events Group PLC Trading Statement (9875C)
January 26 2018 - 2:00AM
UK Regulatory
TIDMARE
RNS Number : 9875C
Arena Events Group PLC
26 January 2018
26 January 2018
Arena Events Group plc
Trading Update
Maiden full year results in line with expectations
Arena Events Group plc (AIM: ARE, 'Arena' or 'the Group'), is
pleased to announce that underlying trading for the year ended 31
December 2017 has been in line with market expectations.
In the last quarter of 2017 a number of significant projects
were successfully delivered in each region. In the UK, a temporary
TV studio was constructed and handed over to ITV for the relaunch
of its Dancing on Ice show, in Asia the Group won a two year
contract for the CJ golf trophy in South Korea and in the US a
number of major events were delivered including the temporary
facilities for the Bryant Park ice rink in New York.
During the second half of 2017, the Group increased capital
expenditure to support various projects, which is anticipated to
improve profitability in the current year. In addition, working
capital increased slightly and net debt is expected to be around
GBP11.5 million at the period end.
The current financial year has started well and the Group has
delivered several high profile events such as the Eurasia Cup in
Kuala Lumpur; the HSBC Abu Dhabi Golf Championships and the
AT&T Pebble Beach Pro-Am.
The Group expects to announce its audited results for the year
ended 31 December 2017 in April 2018.
Greg Lawless, Chief Executive Officer of Arena commented:
"We made strong progress in 2017, growing the business
organically, commencing trading on AIM in July and declaring our
maiden interim dividend in September. As a management team, we
continue to evaluate a number of acquisition opportunities which we
believe will further contribute to the growth of our business. The
board continues to remain confident in the prospects for the
Group."
This announcement contains inside information.
Ends
Enquiries:
Arena Events Group plc
Greg Lawless (CEO)
Piers Wilson (CFO) +44(0)203 770 3838
Cenkos Securities (Nomad
and Broker) +44(0)207 397 8900
Max Hartley (Corporate Finance)
Julian Morse (Sales)
Alma PR (Financial PR) +44(0)208 004 4217
Josh Royston / John Coles
/ Helena Bogle
Notes to Editors:
Arena Events Group plc is a provider of temporary physical
structures, seating, ice rinks, furniture and interiors. The Group
has operations across Europe, the US, the Middle East and Asia, and
current clients include Wimbledon Tennis, The Open, PGA European
Tour and Ryder Cup.
The Group services major sporting, outdoor and leisure events,
providing a managed solution from concept and design through to the
construction and integration of the final structure and interior.
Contracts range in size and complexity from a simple equipment
rental for a local outdoor event, to an integrated solution of
multiple structures and interiors for a major international
sporting event.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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