(Alliance News) - Aeorema Communications PLC on Wednesday said it expects to swing to annual profit, driven by "record" performance ahead of management's expectations.
Shares in the London-based live events agency were up 18% to 65.05 pence each in London on Wednesday morning.
Aeorema reported that revenue in the year to June 30 more than doubled to GBP11.8 million from GBP5.1 million last year. On the back of this, the company expects to swing to a pretax profit of GBP700,000 from a GBP159,698 loss in financial year 2021.
The company said it has benefited from the relaxation of Covid-19 restrictions, with the return of live events. Notably, it said that at Cannes Lions, a five-day festival held in person in June for the first time since 2019, the company had its "largest ever presence."
It added that virtual and hybrid events continue to be a source of revenue.
Looking ahead, Aeorema said the prospects for the new financial year remain favourable and it is confident that it will "continue a positive trajectory" into 2023.
Chief Executive Steve Quah said: "I am delighted to be reporting our best financial performance in the history of the company, demonstrating the success of the shift in strategy over the last two years.
"This is because despite facing headwinds with the Omicron variant of Covid-19, which was a major disruption in the middle of our financial year, we have once again shown incredible spirit and talent to help our clients navigate another challenging period and deliver some of our best work ever," Quah added.
By Sophie Rose; sophierose@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Aeorema Comm. (AEO)