SpaceandPeople plc, (LON:SAL) the retail, promotional and brand experience specialist, today issues a pre-close trading update for the year ended 31 December 2021 (“FY21”).
Trading during the second half of 2021 began to recover as restrictions eased, although this was negatively affected to an extent due to Government advice in the key December trading period.
Revenue for FY21 was substantially better than FY20 at £4.5m (FY20: £2.8m) with the re-opening of venues in the second half of the year leading to a bounce back in trading activity.
As at 31 December 2021, the Group had cash of £1.35 million (31 December 2020: £0.8 million) with £2.0 million of term loans (2020: £1.8 million) and undrawn bank facilities of £0.75 million (2020: £0.5 million). Therefore, cash headroom at 31 December 2021 was £2.1 million (2020: £1.3 million).
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.
SpaceandPeople expects to announce its 2021 results during the week commencing 25 April 2022.
