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Revenues rise at shopping mall firm

SHOPPING centre marketing specialist Spaceandpeople has reported making "good progress" during 2013 as director, and former Marks & Spencer executive Maurice Helfgott, cashed in two-thirds of his shares to net £113,000.

The Scottish company said that gross revenue for the year increased 22.2% to £36.8 million, up from £30.1m in 2012 while net ­revenue was up 5.3%, or £700,000, at £13.8m.

Spaceandpeople said it had managed to expand its client base, adding the likes of St Pancras International station in London, while also increasing sales among existing customers in its core markets of the UK and Germany.

Pre-tax profit for the year "is anticipated to be in line with current market ­expectations" which amount to £2.64m, according to Reuters data.

It had net cash of £1.9m at the end of 2013, up from £834,000 a year earlier.

Spaceandpeople said it is in "an excellent position" to continue growing.

Analysts at Edison ­Investment Research wrote: "There continue to be good opportunities to win new business with new venues and property groups, following on from the steady flow of wins over the autumn, as well as increasing business levels from existing clients."

Nevertheless, Mr Helfgott, who took a stake in Spaceandpeople when it bought Retail Profile Holdings four years ago, has sold 85,000 shares at 132.5p each, the company disclosed.

This leaves him with 40,000 shares. The sale follows a larger disposal by Mr Helfgott last May.

Spaceandpeople's shares closed down 3p, or 2.2%, at 132.5p.

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