SHARES dipped in a Scottish shopping mall space marketing business after a hefty loss in its full-year accounts for 2020, writes Brian Donnelly.
Glasgow-based SpaceandPeople shares closed down 5.26 per cent at 13.5p after it posted revenues of £2.8 million, against £7.7m in 2019, and an operating loss before non-recurring costs of £2.1m, set against a £100,000 profit the previous year.
The firm said that extended periods of lockdown in the UK and Germany had a fundamental impact on trading during the year but that it was boosted by a £1m CBILS loan in the first half of 2020.
Highlights included significant new business agreements won for former Intu venues and the appointment of Nancy Cullen as chief executive.
Ms Cullen said: “Although business was extremely slow during the closure of non-essential retail, there were plenty of opportunities to win new clients and renew agreements with existing clients. Significantly, we have recently announced a further agreement with ECE, our major German client, which secures our retail business in Germany for the next five years.”
However, the firm stepped back from its Indian investment for a nominal amount, Ms Cullen added.
