Revenues at marketing and promotions specialist SpaceandPeople have partially recovered to pre-pandemic levels but losses widened as costs increased.

Turnover during the six months to the end of June more than doubled to £2.4 million as “almost all” of the venues in which the Scottish company operates – predominantly shopping centres and train station in the UK and Germany – were open for business. However, revenues were still below the pre-pandemic level of £3.8m in the first half of 2019.

Pre-tax losses widened to £377,000 from £266,000, though the company noted that this was not adjusted to account for £700,000 in Government Covid assistance that was not repeated in the current year.

READ MORE: Scottish promotional specialist hails the growing return of retail

Chief executive Nancy Cullen said it was good to see footfall at shopping centres back to at least 80% of pre-Covid levels, but acknowledged that the company is not immune to wider economic concerns.

“Although group second half performance will remain stronger than first halves, we anticipate that higher energy costs and inflation will have an effect on discretionary spending in the run-up to Christmas,” she said.

Shares in the AIM-listed business closed yesterday’s trading 2.5p higher at 100p.