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(Alliance News) - Live events agency Aeorema Communications PLC said on Thursday it expects earnings for financial 2020 below expectations due to the coronavirus outbreak.
The stock was trading 24% lower at 22.00 pence each on Thursday in London.
Aeorema said revenue and pretax profit for its financial year ending June 30 will be hurt due to clients rescheduling events beyond June as a result of the spread of the virus. It added it is aware other clients are also considering postponing their events.
For financial 2019, Aeorema posted pretax profit of GBP375,010 on revenue of GBP6.8 million. As at Thursday, the company's cash balance stands at around GBP1.7 million.
"As the situation with COVID-19 is evolving on a daily basis with limited visibility, it is difficult to predict the extent of the impact on the current financial year. However, the company remains hopeful that the revenue and profit from postponed events will now fall into the financial year ending June 2021".
By Ife Taiwo; ifetaiwo@alliancenews.com
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