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(Alliance News) - Live events operator Aeorema Communications PLC on Thursday lowered its profit forecast following the postponement of the Cannes Lions advertising festival.
Cannes Lions will now take place from 26 to 30 October instead of June and the organisers have said that all passes, sponsorship arrangements and bookings will roll over and remain valid.
As a result of the postponement, Aeorema anticipates that will make a pretax loss for financial 2020 of between GBP150,000 and GBP250,000. For financial 2019, Aeorema posted pretax profit of GBP375,010.
The company added that it remains confident that the revenue and profit from postponed events will now fall into the financial year ending June 30, 2021.
The stock closed down 2.9% at 17.00 pence on Thursday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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