A SHOPPING mall space marketing company has said it is starting to build back business in its six month results to June 30.
SpaceandPeople said there were good signs of recovery in UK promotional revenue which is being driven by kiosk retail bookings.
The Glasgow-based company’s chief executive said Nancy Cullen said she was encouraged with the pace of the rebound despite limitations on trading.
It reported consolidated net revenue up 2.5 per cent to £1.10 million after venues remained closed for a large part of the first half of 2021, it said.
The company also said that although its group revenue was only marginally higher in the first half of 2021 compared with the first half of 2020, the action taken to reduce cost of sales and administrative expenses along with the availability of government support through job retention schemes and support grants meant that losses before non-recurring costs were reduced by £1.37m to £250,000.
Ms Cullen said: “I am delighted to see the emergence of our business from the challenges that it has faced over the last eighteen months.
“Although the reopening of our venue partners over the past few months has come too late to have any significant impact on our ability to trade during the first half of 2021, I am encouraged by the speed with which our pop-up retail business has rebounded in both the UK and Germany and by the growing pipeline of business in our promotions division.”
SpaceandPeople said that it is “making good progress towards rebuilding business back to and beyond pre-pandemic levels”.
It also said brand experience business, which represents around 40% of its UK promotional revenue in a typical year, has been the slowest aspect of its business to return and that it “has been understandably focused on external venues for the immediate post lockdown period”.
“However, we are now increasingly starting to book internal venues. Critically railway stations, which have been slow to see passengers return, are now busy and accepting bookings.
“The lockdown period has meant that in this sector, a whole new generation of agency clients have set up resulting in a need to boost both our marketing and sales presence to maximise the opportunities for us and our clients,” it said.
Shares in SpaceandPeople closed up 2.7%, 0.25p, at 9.5p.
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