TIDMSAL

RNS Number : 0160O

SpaceandPeople PLC

30 September 2019

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

SpaceandPeople plc

30 September 2019

SpaceandPeople plc

("SpaceandPeople" or the "Group")

Interim Results for the 6 months to 30 June 2019

SpaceandPeople (AIM:SAL), the retail, promotional and brand experience specialist which facilitates and manages the sale of promotional and retail merchandising space in shopping centres and other high footfall venues, announces interim results for the six months ended 30 June 2019.

 
      Highlights 
       Financial 
       o Consolidated net revenue broadly flat at GBP3.8m (H1 2018: 
       GBP3.8m) 
 
       o UK promotional revenue increased GBP0.3m (20%) to GBP1.8m 
 
       o German retail revenue decreased GBP0.2m (35%) to GBP0.5m 
 
       o Group loss before taxation GBP0.04m (H1 2018: loss GBP0.09m) 
       - improved by GBP0.05m. 
 
       o Net cash outflow from operating activities GBP0.2m (H1 2018: 
       outflow GBP1.7m) 
 
       o Net cash of GBP0.56m (June 2018: GBP0.51m) 
 
       o Basic loss per share 0.14p (H1 2018: loss per share 0.40p) 
 
       Operational 
 
       o Average number of Mobile Promotions Kiosks ("MPKs") in operation 
       increased to 64 (H1 2018: 49) 
 
       o Average number of UK Retail Merchandising Units ("RMUs") 
       in operation decreased to 56 (H1 2018: 60) 
 
       o Average number of German RMUs in operation decreased to 48 
       (H1 2018: 74) 
 
       o Gained ISO 9001, 14001 & 45001 accreditation 
 
 

Contact details:

 
SpaceandPeople Plc               0845 241 8215 
Matthew Bending, Gregor Dunlay 
Cantor Fitzgerald Europe         020 7894 7000 
David Foreman, Will Goode 
 
 

Chief Executive's Interim Operating Statement

I am happy to present the Group's interim results for 2019. Overall the numbers are quite similar to the same period last year, however, there have been significant movements in some divisions both positive and negative. The UK saw improvements in Brand Experience activity, but this was countered by a delayed roll out of German RMUs in the first half. New promotional and retail clients in the UK in the first half year have complemented a solid performance overall.

UK

Promotions

Unlike the first half of 2018, UK experiential sales were not affected by the football World Cup and very hot start to the summer. However, the way brands spent their money started to evolve with more brands using our clients' spaces for promotion, but utilising them for fewer days and at fewer locations to leverage their activities with social media. We therefore worked hard to deliver more bookings to achieve similar overall revenue. In this context, the 20% increase in UK promotions revenue to GBP1.8m was particularly pleasing. We also observed a movement away from "dramatic installation" PR led activity, to sampling and subscription sign ups. Agencies are increasingly using our clients' demographic data and footfall statistics to target locations more specifically. This is all symptomatic of their sophisticated strategic thinking in using experiential marketing as a channel to market. We believe that we have unrivalled resources and expertise in this market to manage this evolution. Revenue from operators selling food-to-go and leisure services such as hair dressing and beauty salons has been resilient despite the well documented pressures on the UK retail market overall. Spending has been increasing in retail parks which has mitigated the fall in shopping centre business and demand for our services in this challenging environment has never been as buoyant.

A notable new initiative in the UK has been the creation of "Activate!". The genesis of this programme was Network Rail seeking not just revenues from commercialisation, but wanting to bring educational, cultural and enlightening activities into their concourses. We identified the opportunity and have delivered a programme which has seen institutions such as the Imperial War Museum, Southbank Centre, National Army Museum and Art Academy London undertaking activities that engage rail commuters with interactive events. We anticipate growing this further in 2020 and see this as an important and unique offering for Network Rail demonstrating our keen eye for evolving our offer to meet customer needs.

Retail (MPK & RMU)

In the first half of 2019 we had 64 MPKs in locations throughout the UK (2018: 49 MPKs). This increase was due to the roll-out of MPKs throughout the Hammerson portfolio of shopping centres, however, revenue from these kiosks was lower than in the previous half year at GBP883k (H1 2018: GBP947k) due to a reduction in the average revenue achieved by each kiosk. We don't expect to see revenue from this source picking up sufficiently in the second half of the year to make up this shortfall.

The average number of RMUs in operation in the first half of 2019 decreased to 56 (H1 2018: 60) as they were removed from venues at the end of their contracts. As a result of this, revenue from RMUs fell slightly in the first half year.

Overall UK retail revenue fell by GBP0.1m (6%) compared with the first half of 2018 as a result of the reduction in RMU numbers and MPK average revenue.

ISO Accreditation

The whole UK team worked hard to attain ISO 9001, 14001 and 45001 accreditation for Quality Management Systems, Environmental Management and Occupational Health and Safety which were awarded in July this year. This shows the market our diligence in ensuring that not only do we deliver sales but that they are managed safely and conscientiously.

Germany

In Germany, we had a difficult first half of the year with RMU numbers below our expectations and as a result revenue was down 35% compared to the first half of 2018. However, we are now seeing a significant increase in demand for RMUs which will help recover our position to an extent for 2019 and deliver strong revenue in 2020. ECE/MEC, historically our major client, reduced the number of RMUs in operation in the first half of 2019 to 48 units, the lowest number of units we have operated with them. This has had a major effect on our revenue, but they have now indicated that they wish to expand the estate significantly again and this will see an additional 60 RMUs in place by the end of 2019. We had anticipated this occurring in the third quarter of the year, but will now occur mainly during the fourth quarter which will have some impact on revenue in 2019. We have also signed an agreement with MFI, part of Unibail Rodamco Westfield group, for the provision of RMUs across their estate which we anticipate being approximately 25 RMUs in place for November and December 2019 with a target of 35 units in place for 2020. This is the first time we will have worked with this portfolio and we look forward to working with them on developing other commercialisation streams to them. The estate includes premium malls across Germany.

As a result of these agreements, the outlook is increasingly positive and we anticipate having 140 to 150 RMUs in operation next year, leading to a resurgence in this division in 2020. We currently have the required RMUs available in our warehouses so we will not be required to invest significantly in any additional RMUs to fulfil these contracts. The contracts are on a revenue share basis, so we will have no significant revenue guarantee exposure.

USA

Over the past year we have been developing our relationship with MG Malls, the largest independent out-of-home media business in the USA. We notified the market of the signing of an exclusive sales agreement with MG Malls last year and since then they have been demonstrating the unique benefits of our MPK system has to various US Mall operators. This appears to be starting to move forward, with discussions regarding up to 85 MPKs being considered for 2020. We will be able to gauge their progress before the end of the year.

India

India continues to trade in line with expectations and has recently won new airport contracts in Chennai, Kolkata, Trivandrum and Udaipur. They are well advanced in discussions to engage in a franchise agreement with a client which will open the Sri Lankan market to our products. We continue to explore options to sell this business in 2020.

Overheads

During 2018, the Group carried out a programme of overhead reduction, by streamlining the management structure and reducing headcount in contracting divisions such as German promotions. This has resulted in a GBP0.2m (9%) reduction in administration expenses in the first half of 2019 compared with the same period in 2018. This programme has continued during 2019 and further savings will flow through in 2020.

Outlook

We were delighted to welcome ASDA to our service during the second quarter. We are initially focussing on a small group of supermarkets but hope to expand this further in 2020. This is part of our strategy to complement our shopping centre estate with alternative high footfall venues, ensuring we have the widest possible portfolio to offer our retail and promotional customers . This is an exciting new market for us and we are working closely with the ASDA asset team to identify opportunities which deliver new complimentary offers for their stores.

Overall 2019 will not see the return to the level of forecasted profits we had previously anticipated although we do anticipate profit before taxation in the region of GBP0.1m (2018: loss before taxation and non-recurring costs of GBP0.2m). The slower than expected contract approvals for German RMU expansion coupled with the drag in the UK in the third quarter as budgets are held back due to market uncertainty will lead to lower than planned revenue in the second half of the year. Quarter four is traditionally the most important quarter for bookings and I am happy to say that the German RMU estate has predominantly been presold to retailers for Christmas 2019. However, in the UK Brexit headwinds are delaying our sales pipeline especially in the experiential market. Brand spend appears to be being held back and we are concerned this will not bounce back as strongly as normal before the end of the year. We will see a positive turnaround in profitability compared to 2018, but it will not be where we had planned. However, the foundations for a sustainable and significant turnaround have begun. Although the resurgence of German RMUs has come too late to have a significant impact on 2019, the new venues joining our service this year and the pipeline of additional venues in development for 2020 is the most positive it has been for many years. This will result in substantial revenue improvements next year.

Matthew Bending

27 September 2019

Independent Review Report to SpaceandPeople plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2019 which comprises, the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statement of changes in equity and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.

As disclosed in note 2, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2019 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the AIM Rules for Companies.

Campbell Dallas Audit Services

Accountants

Statutory Auditors

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

Date: 27 September 2019

Consolidated Group Statement of Comprehensive Income

For the 6 months ended 30 June 2019

 
                                 Notes             6 months           6 months             12 months 
                                                 to 30 June         to 30 June        to 31 December 
                                                        '19                '18                   '18 
                                                (Unaudited)        (Unaudited)             (Audited) 
                                                    GBP'000            GBP'000               GBP'000 
 
 Revenue                            5                 3,759              3,851                 7,939 
 
 Cost of sales                                      (1,410)            (1,276)               (2,886) 
 
   Gross profit                                       2,349              2,575                 5,053 
 
   Administration expenses                          (2,481)            (2,733)               (5,360) 
 Other operating income                                  98                 69                   136 
 
 Operating loss before 
  non-recurring costs                                  (34)               (89)                 (171) 
 
 Non-recurring costs                                      -                  -                 (244) 
 
   Operating loss                                      (34)               (89)                 (415) 
 Finance income                                           3                  1                     7 
  Finance costs                                         (9)                  -                   (7) 
 
 Loss before taxation                                  (40)               (88)                 (415) 
 
 Taxation                                                 -                  -                 (282) 
 
 Loss after taxation 
 
  Other comprehensive 
  income                                               (40)               (88)                 (697) 
 Foreign exchange differences 
  on translation of foreign 
  operations                                             10                  8                   (5) 
 Total comprehensive income 
  for the period                                       (30)               (80)                 (702) 
 
 
 
 Loss attributable to: 
 Owners of the Company                        (27)         (77)         (674) 
  Non-controlling interests                   (13)         (11)          (23) 
                                           -------      -------      -------- 
                                              (40)         (88)         (697) 
                                           -------      -------      -------- 
 
 
 
 Total comprehensive 
  income for the period 
  attributable to: 
 Owners of the Company                        (17)         (69)         (679) 
  Non-controlling interests                   (13)         (11)          (23) 
                                           -------      -------      -------- 
                                              (30)         (80)         (702) 
                                           -------      -------      -------- 
 
 
 
 Earnings per share                 13 
 
 Basic - Before non-recurring             (0.14)p    (0.40)p    (2.2)p 
  costs                                   (0.14)p    (0.40)p    (3.5)p 
  Basic - After non-recurring             (0.13)p    (0.35)p    (2.2)p 
  costs                                   (0.13)p    (0.35)p    (3.5)p 
  Diluted - Before non-recurring 
  costs 
  Diluted - After non-recurring 
  costs 
 
 
 

Consolidated Group Statement of Financial Position

At 30 June 2019

 
                                Notes         30 June               30 June       31 December 
                                                 '19                    '18               '18 
                                             (Unaudited)        (Unaudited)         (Audited) 
                                               GBP'000              GBP'000           GBP'000 
 Assets 
 Non-current assets: 
 Goodwill                         6                7,981              8,225             7,981 
 Other intangible assets          7                    1                  9                 4 
 Property, plant & equipment      8                  671              1,026               849 
                                           -------------      -------------      ------------ 
                                                   8,653              9,260             8,834 
 Current assets: 
 Trade & other receivables                         3,469              3,180             3,553 
 Cash & cash equivalents          9                1,056                512               843 
                                           -------------      -------------      ------------ 
                                                   4,525              3,692             4,396 
 
 Total assets                                     13,178             12,952            13,230 
                                           -------------      -------------      ------------ 
 
 Liabilities 
 Current liabilities: 
 Trade & other payables                            3,429              3,095             3,677 
 Current tax payable 
  / (receivable)                                      21              (111)               197 
                                                   3,450              2,984             3,874 
 Non-current liabilities: 
 Deferred tax liabilities                            101                 91               101 
 Long term loan                  10                  500                  -                 - 
                                           -------------      -------------      ------------ 
                                                     601                 91               101 
 
 Total liabilities                                 4,051              3,075             3,975 
                                           -------------      -------------      ------------ 
 
 Net assets                                        9,127              9,877             9,255 
                                           -------------      -------------      ------------ 
 
 Equity 
 Share capital                   12                  195                195               195 
 Share premium                                     4,868              4,868             4,868 
 Special reserve                                     233                233               233 
 Retained earnings                                 3,611              4,336             3,726 
 
 Equity attributable 
  to owners of the Company                         8,907              9,632             9,022 
                                           -------------      -------------      ------------ 
 Non-controlling Interest                            220                245               233 
                                           -------------      -------------      ------------ 
 Total equity                                      9,127              9,877             9,255 
                                           -------------      -------------      ------------ 
 

Consolidated Group Statement of Cash Flows

For the 6 months ended 30 June 2019

 
                                  Notes           6 months           6 months             12 months 
                                                to 30 June         to 30 June        to 31 December 
                                                       '19                '18                   '18 
                                               (Unaudited)        (Unaudited)             (Audited) 
                                                   GBP'000            GBP'000               GBP'000 
 Cash flow from operating 
  activities 
 Cash inflow / (outflow) 
  from operations                                        9            (1,660)               (1,389) 
 Interest received                                       3                  1                     7 
 Interest paid                                         (9)                  -                   (7) 
 Taxation                                            (176)               (65)                  (29) 
                                             -------------      -------------      ---------------- 
 Net cash (outflow) from 
  operating activities                               (173)            (1,724)               (1,418) 
                                             -------------      -------------      ---------------- 
 
 Cash flows from investing 
  activities 
 Purchase of intangible                                  -                  -                     - 
  assets 
 Purchase of property, 
  plant & equipment                 8                 (16)              (132)                 (107) 
 Net cash outflow from 
  investing activities                                (16)              (132)                 (107) 
                                             -------------      -------------      ---------------- 
 
 Cash flows from financing 
  activities 
 Bank facility (repaid) 
  / received                       10                  500                  -                     - 
 Dividends paid                    11                 (98)              (293)                 (293) 
                                             -------------      -------------      ---------------- 
 Net cash inflow / (outflow) 
  from financing activities                            402              (293)                 (293) 
                                             -------------      -------------      ---------------- 
 
 
 Increase / (decrease) 
  in cash and cash equivalents                         213            (2,149)               (1,818) 
 Cash at beginning of period                           843              2,661                 2,661 
                                             -------------      -------------      ---------------- 
 Cash at end of period              9                1,056                512                   843 
                                             -------------      -------------      ---------------- 
 
 
 Reconciliation of operating 
  profit to net cash flow 
  from operating activities 
 Operating loss                            (34)          (89)         (415) 
 Write off of goodwill                        -             -           244 
  Amortisation of intangible 
   assets                                     3             6            11 
 Depreciation of property, 
  plant & equipment                         194           253           405 
 Effect of foreign exchange 
  rate moves                                 10             8           (5) 
 (Increase) / decrease 
  in receivables                             84           187         (186) 
 Decrease in payables                     (248)       (2,025)       (1,443) 
                                         ------      --------      -------- 
 Cash flow from operating 
  activities                                  9       (1,660)       (1,389) 
                                         ------      --------      -------- 
 

Consolidated Group Statement of Changes in Equity

For the 6 months ended 30 June 2019

 
                             Share      Share    Special    Retained   Non-controlling      Total 
   6 months to 30          capital    premium    reserve    earnings          Interest     equity 
   June '19                                                                    GBP'000 
                           GBP'000    GBP'000    GBP'000     GBP'000                      GBP'000 
 
 At 1 January '19              195      4,868        233       3,726               233      9,255 
 Foreign currency 
  translation                    -          -          -          10                 -         10 
 Dividends                       -          -          -        (98)                 -       (98) 
 Loss for the period             -          -          -        (27)              (13)       (40) 
 At 30 June '19                195      4,868        233       3,611               220      9,127 
                       -----------  ---------  ---------  ----------  ----------------  --------- 
 
 
                           Share      Share    Special    Retained   Non-controlling      Total 
   6 months to 30        capital    premium    reserve    earnings          Interest     equity 
   June '18                                                                  GBP'000 
                         GBP'000    GBP'000    GBP'000     GBP'000                      GBP'000 
 
 At 1 January '18            195      4,868        233       4,698               256     10,250 
 Foreign currency 
  translation                  -          -          -           8                 -          8 
 Dividends                     -          -          -       (293)                 -      (293) 
 Loss for the period           -          -          -        (77)              (11)       (88) 
 At 30 June '18              195      4,868        233       4,336               245      9,877 
                       ---------  ---------  ---------  ----------  ----------------  --------- 
 
 
                            Share      Share    Special    Retained   Non-controlling      Total 
   12 months to 31        capital    premium    reserve    earnings          Interest     equity 
   December '18                                                               GBP'000 
                          GBP'000    GBP'000    GBP'000     GBP'000                      GBP'000 
 
 At 1 January '18             195      4,868        233       4,698               256     10,250 
 Foreign currency 
  translation                   -          -          -         (5)                 -        (5) 
 Dividends                      -          -          -       (293)                 -      (293) 
 Loss for the period            -          -          -       (674)              (23)      (697) 
 At 31 December 
  '18                         195      4,868        233       3,726               233      9,255 
                       ----------  ---------  ---------  ----------  ----------------  --------- 
 

Notes to the financial statements

For the 6 months ended 30 June 2018

   1.          General information 

SpaceandPeople plc is a limited liability company incorporated and domiciled in Scotland (registered number SC212277) which is listed on AIM (ticker: SAL).

This condensed consolidated interim financial information has been reviewed, but not audited, by the auditors, and their independent review is set out earlier in this report. It does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. The financial information for the 12 months to 31 December 2018 has been extracted from the statutory accounts for that period. These published accounts were reported on by the auditors without qualification or an emphasis of matter reference, and did not include a statement under section 498 of the Companies Act 2006, and have been delivered to the Registrar of Companies.

This condensed consolidated interim financial information was approved by the board on 27 September 2019.

   2.          Basis of preparation 

This condensed consolidated interim financial information for the 6 months ended 30 June 2019 has been prepared in accordance with IAS 34 'Interim financial reporting'. The condensed consolidated interim financial information should be read in conjunction with the financial statements of the Group for the period ending 31 December 2018 which were prepared on a going concern basis under the historical cost convention in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

   3.          Accounting policies 

The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the financial statements of the Group for the year ended 31 December 2018.

   4.          Seasonality of operations 

Due to the seasonal nature of the retail business, higher revenues and operating profits are usually expected in the second half of the year than in the first six months, particularly for subsidiary companies POP Retail Limited and Retail Profile Europe GmbH.

   5.          Segmental reporting 

The Group maintains its head office in Glasgow and an office in Hamburg, Germany. These are reported separately. The Group operates both Promotional Sales and Retail businesses in both the UK and Germany. The Group has determined that these are the principal operating segments as the performance of these segments is monitored separately and reviewed by the board.

The following table presents revenue and profit and loss information regarding the Group's two business segments - Promotional Sales and Retail, split by geographic area. Other segment represents the Groups investments in SpaceandPeople India.

 
                          Promotions   Promotions     Retail     Retail       Head      Other      Group 
                                  UK      Germany         UK    Germany     Office 
 
                             GBP'000      GBP'000    GBP'000    GBP'000    GBP'000    GBP'000    GBP'000 
 6 months 
  to 
  30 June '19 
 Revenue                       1,764          150      1,362        471          -         12      3,759 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment profit/(loss) 
  before tax                     509           24        116      (246)      (416)       (27)       (40) 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 6 months 
  to 
  30 June '18 
 Revenue                       1,465          199      1,447        722          -         18      3,851 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment profit/(loss) 
  before 
  Tax                            156        (107)        361       (77)      (394)       (27)       (88) 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 12 months 
  to 31 December 
  '18 
 Revenue                       3,238          369      3,062      1,236          -         34      7,939 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 Segment profit/(loss) 
  before tax                     378        (153)        494      (256)      (830)       (48)      (415) 
                         -----------  -----------  ---------  ---------  ---------  ---------  --------- 
 
 
   6.          Goodwill 
 
                           6 months       6 months      12 months 
   Net book value                to             to             to 
                        30 June '19    30 June '18    31 December 
                            GBP'000        GBP'000            '18 
                                                          GBP'000 
 Opening balance              7,981          8,225          8,225 
  Impairment charge               -              -          (244) 
 Closing balance              7,981          8,225          7,981 
                      -------------  -------------  ------------- 
 

7. Other intangible assets

 
                         6 months       6 months      12 months 
   Net book value              to             to             to 
                      30 June '19    30 June '18    31 December 
                          GBP'000        GBP'000            '18 
                                                        GBP'000 
 Opening balance                4             15             15 
 Additions                      -              -              - 
 Amortisation                 (3)            (6)           (11) 
 Closing balance                1              9              4 
                    -------------  -------------  ------------- 
 
   8.          Property, plant and equipment 
 
                     6 months                        6 months to                       12 months to 
   Net book value          to                        30 June '18                        31 December 
                      30 June                            GBP'000                                '18 
                          '19                                                               GBP'000 
                      GBP'000 
 Opening balance          849                              1,147                              1,147 
 Additions                 16                                132                                107 
 Disposals                  -                                  -                                  - 
 Depreciation           (194)                              (253)                              (405) 
 Closing balance          671                              1,026                                849 
                    ---------  ---------------------------------  --------------------------------- 
 
   9.          Cash & cash equivalents 
 
                             30 June '19   30 June '18   31 December 
                                 GBP'000       GBP'000           '18 
                                                             GBP'000 
 
 Cash at bank and on hand          1,056           512           843 
                                   1,056           512           843 
                            ------------  ------------  ------------ 
 
   10.        Non-current liabilities 

As at 30 June 2019, SpaceandPeople had drawn down GBP500k (June 2018: GBPnil) of its agreed long-term revolving credit facility of GBP1 million (2018: GBP1 million) which is repayable by 31 October 2021.

   11.        Dividends 
 
                           30 June '19   30 June '18   31 December 
                               GBP'000       GBP'000           '18 
                                                           GBP'000 
 
 Paid during the period             98           293           293 
 
 
   12.        Called up share capital 
 
 Allotted, issued and fully        30 June '19   30 June '18   31 December 
  paid                                                                 '18 
 Class         Nominal 
                value 
 Ordinary      1p         GBP          195,196       195,196       195,196 
                          Number    19,519,563    19,519,563    19,519,563 
 
   13.        Earnings per share 

Earnings per share has been calculated using the profit / (loss) after taxation attributable to owners of the company for the period and the weighted average number of shares in issue.

 
                                 30 June '19   30 June '18   31 December 
                                     GBP'000       GBP'000           '18 
                                                                 GBP'000 
 Loss after tax for the 
  period attributable to 
  owners of the Company                 (27)          (77)         (679) 
 
   Non-recurring items                     -             -           244 
 
 Loss after tax for the 
  period before non-recurring 
  costs attributable to 
  owners of the Company                 (27)          (77)         (435) 
 
 
 Weighted average number 
  of shares in issue during          '000     '000     '000 
  the period 
 
   *    1p ordinary shares         19,520   19,520   19,520 
 
   *    Share options               1,033    2,550    2,028 
 
   *    Diluted ordinary shares    20,553   22,070   21,548 
 
 
 
 

SpaceandPeople plc

2(nd) Floor

100 West Regent Street

Glasgow

G2 2QD

   Telephone:           0845 2418215 
   Email:                     help@spaceandpeople.com 

www.spaceandpeople.com

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