Games developer tinyBuild seeks to boost £500 million market cap by becoming a media company. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksReach4entertainment Enterprises Plc Share News (R4E)

  • There is currently no data for R4E

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Reach4Entertainment To Be Hurt As Virus Forces West End Closures

Fri, 20th Mar 2020 11:20

(Alliance News) - Media company Reach4Entertainment Enterprises PLC on Friday said it expects "material reductions in trading" after theatre venues in Broadway, New York and the West End, London were closed due to the Covid-19 pandemic.

Reach4Entertainment, which during the two months ending February had a 30% annual like-for-like sales hike, said it is difficult "to accurately forecast the extent to which Covid-19 will impact trading and financial performance".

"However the company must prepare for a material reduction to market expectations for 2020," the firm added.

Reach4Entertainment has frozen all merger and acquisition activity, as well as capital expenditure.

All non-essential administration costs have also been frozen, and the company said it has reduced employee, director and non-executive director costs.

Reach4Entertainment said: "Management are in close communication with the company's US owned asset based lending facility provider, PNC Business Credit, regarding its existing facility."

At December 31, the company had net cash of GBP2.8 million and Reach4Entertainment said on Friday that it has "has accessed additional cash resources" through the PNC loan facility.

Reach4Entertainment added: "The board is closely monitoring the company's working capital headroom through this difficult period and continues to plan for multiple scenarios and explore various ways to mitigate the impact of reduced activity for a potentially extended period of time."

Shares in the company climbed 8.9% to 0.24 pence each in London on Friday morning.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

Reach4Entertainment Shareholders Approve AIM Cancellation

Reach4Entertainment Shareholders Approve AIM Cancellation

21 Aug 20 18:16

IN BRIEF: Reach4Entertainment Confirms USD6.3 Million Suit Filed

IN BRIEF: Reach4Entertainment Confirms USD6.3 Million Suit Filed

20 Aug 20 18:07

UK DIRECTOR DEALINGS SUMMARY: AJ Bell Chiefs Sell GBP8.5 Million Worth

UK DIRECTOR DEALINGS SUMMARY: AJ Bell Chiefs Sell GBP8.5 Million Worth

18 Aug 20 13:18

DIRECTOR DEALINGS: Reach4Entertainment CEO Boyan Ups Stake To 18.7%

DIRECTOR DEALINGS: Reach4Entertainment CEO Boyan Ups Stake To 18.7%

14 Aug 20 13:37

UK DIRECTOR DEALINGS SUMMARY: Downing Buys 500,000 Purplebricks Shares

UK DIRECTOR DEALINGS SUMMARY: Downing Buys 500,000 Purplebricks Shares

7 Aug 20 15:26

UK TRADING UPDATE SUMMARY: Brickability Recovering Well From Pandemic

UK TRADING UPDATE SUMMARY: Brickability Recovering Well From Pandemic

4 Aug 20 19:16

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

14 Jul 20 16:09

Reach4Entertainment Annual Earnings Soar On Diversification Strategy

Reach4Entertainment Annual Earnings Soar On Diversification Strategy

29 Jun 20 11:36

UK TRADING UPDATE SUMMARY: Filta Launches Covid-19 Sanitising Service

UK TRADING UPDATE SUMMARY: Filta Launches Covid-19 Sanitising Service

7 May 20 17:30

Reach4Entertainment To Be Hurt As Virus Forces West End Closures

Reach4Entertainment To Be Hurt As Virus Forces West End Closures

20 Mar 20 11:20

Reach4Entertainment Enterprises Set To Exceed 2019 Market Expectations

Reach4Entertainment Enterprises Set To Exceed 2019 Market Expectations

18 Feb 20 10:48

Reach4Entertainment sees FY results 'significantly ahead' of expectations

(Sharecast News) - Communications group Reach4Entertainment now expects full-year adjusted underlying earnings and revenues to be "significantly ahead" of market expectations.

18 Feb 20 08:15

Reach4Entertainment Loss Improves As Sales Jump On Turnaround Progress

Reach4Entertainment Loss Improves As Sales Jump On Turnaround Progress

30 Sep 19 10:43

Reach4entertainment loss shrinks after overhaul

(Sharecast News) - Reach4entertainment Enterprises shrank its annual loss after a new management overhauled performance at the theatre and entertainment communications group.

2 May 19 10:40

Reach4entertainment subsidiaries agree fresh deals with Miroma

(Sharecast News) - Entertainment marketing communications group Reach4entertainment Enterprises announced on Thursday that its subsidiaries Dewynters, and Spot and Company of Manhattan, have renewed their existing media buying agreements with Miroma International and Miroma Outcomes, respectively.

25 Apr 19 11:14

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.