LONDON (Alliance News) - Paragon Entertainment Ltd said Tuesday that it anticipates its full-year results will miss current expectations due to delays on some projects.
Paragon Entertainment, which designs, builds and operates attractions such as theme parks and museums, now expects to report earnings before interest, tax, depreciation and amortisation of GBP200,000 for 2015, on revenue of GBP9 million. In 2014, the company reported an Ebitda loss of GBP100,000, and revenue of GBP7.7 million.
However, the company expressed optimism for the visibility of its earnings for 2016, and said good progress is being made on its order book.
Paragon said it had continued to make further commercial progress since it reported its interim results, including winning a GBP5 million design and build project for a theme park in the United Arab Emirates, which began full production in September.
"Although a little slower than we would have liked, we are satisfied with the developing levels of activity and order intake during the second half of 2015 and we continue to trade in compliance with our banking covenants. Whilst we now see 2015 falling short of expectation we believe that 2016 and beyond will produce pleasing results," said Chairman Mark Taylor in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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