LONDON (Alliance News) - Paragon Entertainment Ltd Thursday said revenue and earnings were both higher in the first half of 2016, leaving it on track to deliver its guidance, but profit in the period declined by almost 31%.
Paragon shares were trading down 4.6% to 1.43 pence per share on Thursday morning.
Paragon, which designs and builds visitor attractions, said profit after tax in the first half of the year amounted to GBP106,000, falling from the GBP153,000 profit reported a year ago.
Although profit is down, revenue in the first half was up more than 22% to GBP5.5 million from GBP4.5 million and earnings before interest, tax, depreciation and amortisation was, impressively, 3.5 times higher at GBP282,000 compared to only GBP80,000.
"This is a solid result for Paragon and I am proud of the progress that we are making. Our contracted order book is progressing well and our potential pipeline is at a record level for the remainder of 2016 and beyond," said Executive Chairman Mark Taylor.
Paragon did not provide any commentary on its performance in the half, but said it remains confident of delivering revenue of GBP11.0 million for the year and Ebitda of GBP500,000.
Shareholders will be pleased if that is delivered as that would be a 29% year-on-year lift in revenue from GBP8.5 million last year and Ebitda would have more than doubled from only GBP238,000.
Pretax profit in 2015 was GBP346,000, swinging from a loss the previous year, whilst profit after tax was GBP609,000.
Paragon said John Dobson has also been appointed as chief operating officer. Dobson is not a director of any other companies and currently holds a 0.9% stake in the business.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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