LONDON (Alliance News) - SpaceandPeople PLC on Tuesday reported growth in profit in 2015 as it reduced its cost base, but revenue fell due to some contract terminations, although SpaceandPeople said it is working to pick this back up again in 2016.
The retail, promotional and brand experience specialist said its pretax profit grew to GBP1.0 million in 2015 from GBP0.6 million in 2014, although revenue fell to GBP13.8 million from GBP15.4 million.
SpaceandPeople said it reduced its cost base in the year as administrative expenses fell by GBP1.3 million, but revenue was hit by contract terminations from some venues, while 2014 had benefited from a very large contract which was not repeated in 2015.
The company expects to achieve "modest growth in profitability" in 2016 as it works on improving its products and securing new contracts.
SpaceandPeople will pay a full-year dividend of 2.20 pence, which is a 10% increase on 2014.
"With an expanded range of venues, new products available, the management team is focused on ensuring that the sales effort is stepped up to meet the potential of these opportunities," Chairman Charles Hammond said in a statement.
"We believe that SpaceandPeople is creating a solid platform for growth and a sustainable future," he added.
Shares in SpaceandPeople were trading down 2.5% at 58.50 pence on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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SpaceandPeople (SAL)