SpaceandPeople Share News (SAL)

LONDON (Alliance News) - SpaceandPeople PLC said on Tuesday it has extended its agreement with GB Immobilien GmbH for a further 12 months until the end of January 2019 for providing retail merchandising units in shopping centres in Germany.

The number of centres included in the extended period is less than the previous period, in line with the company's expectations.

The contract was first agreed to in 2010 between SpaceandPeople and ECE Projektmanagement GmbH & Co KG, a shopping centre management company which wholly-owns GB Immobilien.

"This is our eighth year of working with ECE as a provider of RMUs in Germany. The agreement extension enables profitable trading without large minimum guarantees. We have removed all the RMUs that have not traded profitably in the past and although only a one-year extension, it allows our new product and service time to be taken up by ECE and other landlords providing a flexible version of our service and scope to grow," said Chief Executive Officer Matthew Bending.

Shares in the marketing and promotions specialist were down 6.9% at 32.11 pence on Tuesday.