SpaceandPeople losses mushroom in first half

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SpaceandPeople PLC (LON:SAL), the retail, promotional and brand experience specialist focused on the UK and Germany, saw losses swell in the first half of the year but said after cutting costs it will be able to trade through further coronavirus lockdowns as they emerge.

The AIM-listed group, which helps shopping centres, railway stations and the like manage the sale of promotional and merchandising space, reported a 72% decline in net revenue to £1.1mln for the first half of 2020.

Losses after tax grew to £2.1mln from a £0.1mln loss a year earlier and a £0.7mln profit for the whole of 2019.

Co-founder Nancy Cullen, who was recently promoted to chief executive after fellow co-founder Matthew Bending retired, said the retail industry is “slowly recovering, but is by no means back to normal”.

The business had £2.2mln of cash headroom at the end of June 2020, which had fallen to £1.6mln at the end of September.

Cullen said the group was now “streamlined and very focused on achieving results and seeing the grass roots of recovery in bookings from 2021 onwards”.

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