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SpaceandPeople losses deepen as pandemic sends revenue down 72%
StockMarketWire.com
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Retail space management group SpaceandPeople posted a deeper first-half loss after the pandemic hurt shopping centres and other high footfall venues.
Pre-tax losses for the six months through June amounted to £2.13 million, compared to losses of £0.01 million year-on-year. Revenue slumped 72% to £1.1 million.
SpaceandPeople said business had effectively ceased during the entire second quarter, with venues beginning to reopen from May in Germany and June in the UK.
Chief executive Nancy Cullen noted that Covid-19 cases in the UK were on the rise again and local restrictions were being put in place in many areas of the country.
'Our industry is slowly recovering, but is by no means back to normal,' Cullen said.
'When we forecast the outlook for our business earlier this year, we assumed scenarios where there were further lockdowns.'
'Although this would be extremely unwelcome news for us, we are confident that we will be able to trade through such events and emerge in a position to take advantage of the recovery.'
'We have good cash headroom, are streamlined and very focused on achieving results and seeing the grass roots of recovery in bookings from 2021 onwards.'
Story provided by StockMarketWire.com
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