SpaceandPeople rises on report of strong 2021 performance

Retail promotion and brand experience specialist SpaceandPeople said in an update on Monday that trading in the second half of 2021 showed some signs of recovery as Covid-19 restrictions eased, although that was negatively affected by government advice in the key December trading period.

The AIM-traded firm said revenue for the year ended 31 December was “substantially better” than 2020 at £4.5m, up from £2.8m, with the reopening of venues in the second half leading to a bounce-back in trading activity.

At year-end on 31 December, the group had cash of £1.35m - up from £0.8m year-on-year, with £2m of term loans, rising from £1.8m, and undrawn bank facilities of £0.75m, compared to £0.5m.

As a result, cash headroom at year-end improved to £2.1m from £1.3m.

“Trading has continued to recover in early 2022 in both the UK and Germany, and the board is increasingly confident on the outlook for the business and has the resources and opportunities to deliver sustained and improved financial performance,” the directors of SpaceandPeople said in their statement.

SpaceandPeople said it would announce its 2021 results in the week of 25 April.

At 1023 GMT, shares in SpaceandPeople were up 30.38% at 12.06p.