RNS Number : 5198D
SpaceandPeople PLC
19 February 2024
 

SpaceandPeople plc

("SpaceandPeople" or the "Group")

 

Trading Update

 

SpaceandPeople (AIM:SAL) the retail, promotional and brand experience specialist, today issues a pre-close trading update for the year ended 31 December 2023 ("FY23").

The Board is pleased to report a strong performance during the second half of FY23, with total unaudited revenue for FY23 being slightly above market expectations, at approximately £5.8 million (2022 restated: £4.7 million), due to particularly strong Brand Experience revenue, the successful launch of our Rock Up and Pop Up service and the continued recovery and expansion of our German retail business.

As the Group's products and services continue to evolve, during FY23, the Group reassessed its revenue recognition policies in its UK retail division. Previously, all revenue within the UK retail division was recognised on a gross basis, as it was deemed to have one performance obligation. Following this reassessment, it is now considered that there are two separate performance obligations:

(i)          acting as the promotional space agent which involves the marketing of space to licensees and entering into and managing licence agreements on behalf of venues as their agent; and

(ii)           the short-term rental of the Group's own kiosks.

Accordingly, UK retail revenue will now be recognised on a net basis in FY23, with FY22 comparative figures being restated. Under the new revenue recognition policy, market expectations for FY23 revenue should therefore be adjusted from £6.5 million to £5.7 million. The reassessment does not impact reported profits.

It should be noted that the Group's German retail division will continue to recognise its revenue on a gross basis as its performance conditions remain unchanged.

In terms of balance sheet, as at 31 December 2023, the Group had cash of £1.9 million (2022: £1.9 million) with £1.1 million of term loans (2022: £1.5 million) and undrawn bank facilities of £0.7 million (2022: £0.7 million). Therefore, total cash available as at 31 December 2023 was £2.6 million (2022: £2.2 million).

The Group expects to announce its FY23 results during the week commencing 29 April 2024.

 

Contact details:

SpaceandPeople Plc

0845 241 8215

Nancy Cullen, Gregor Dunlay




Zeus (Nominated Adviser and Broker)

0203 829 5000

David Foreman, Jamie Peel, Ed Beddows


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTSFFEDWELSELE
Spaceandpeople (LSE:SAL)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Spaceandpeople Charts.
Spaceandpeople (LSE:SAL)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Spaceandpeople Charts.