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.

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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.