Aeorema Comms' revenue falls in part due to Brexit uncertainity

AIM-listed live events agency Aeorema Communications’s full-year revenue fell slightly as a result of a “challenging market”, in part caused by Brexit uncertainty while it gained the MailOnline website as a client.

For the year ended 30 June, revenues fell slightly by 7% to about £4.58m, compared to last year, which resulted in an 11% fall in pre-tax profit to £340,165.

Cash at bank and in hand was down 8% to £1.42m.

Chairman Michael Hale said the company continued to generate profits because the company differentiated itself as a specialty live events company through the development of innovative corporate communication solutions in the UK and internationally.

He said: “The trading environment in the event sector remains challenging, in part caused by the uncertainties of Brexit and its destabilising effects. However, we anticipate that whilst global customers may at first rein in activities, in the longer term Brexit will create new opportunities as those very same organisations look to the UK, including companies like Aeorema, for cost-effective, unique, cutting edge solutions that this country is renowned for.

“I am not saying that it will be a smooth ride, indeed the next six months will be rocky, but we are confident that our long-term strategy and team which delivers creative live events, incorporating screen content and video, will ultimately see Aeorema prosper.”

The company recommended a final dividend of 2p down from 3p last year to be paid on 4 November, which is in addition to the 3p special dividend paid in March.

Shares in Aeorema Communications were down 3.71% to 29.85 BST.