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(Alliance News) - SpaceandPeople PLC on Friday said it swung to loss in 2020 as lockdowns associated with Covid hurt its operations.
The AIM-listed media agency said revenue for 2020 declined to GBP2.8 million from GBP7.7 million the year earlier. As a result, the company swung to pretax loss of GBP3.6 million from GBP104,000 profit in 2019.
SpaceandPeople said UK promotional revenue fell by 77% to GBP800,000 compared with 2019. This fall was due to the lockdowns and restrictions the company faced as a result of the Covid-19 pandemic. UK retail revenue fell by 67% to GBP900,000 in 2020 for the same reason.
Revenue in the German retail division increased by 5% despite extensive lockdowns as a result of a 13% increase in the average number of retail merchandising units in operation during the year to 60 from 53.
German promotional revenue decreased by 85% compared with the previous year as the remaining long-term bookings came to an end. It is not anticipated that this division will generate any significant new business for the foreseeable future.
SpaceandPeople shares were trading 4.9% lower in London on Friday at 13.56 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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