(Alliance News) - Shares in SpaceandPeople PLC jumped on Monday morning, after the company said it was trading ahead of adjusted market expectations for 2023.
SpaceandPeople is a Glasgow-based provider of promotional and short-term retail space in "high footfall venues". Shares in the company were up 20% at 70.00 pence each in London on Monday morning.
For the year ended December 31, the company expects revenue to be slightly above market expectations. Thanks to a solid performance in the second half, SpaceandPeople estimates that revenue for the full year was around GBP5.8 million, up 23% from GBP4.7 million in 2022.
SpaceandPeople attributes this growth to "particularly strong" revenue from brand experience space, the launch of its "rock up and pop up" service package, and the expansion of its German retail business.
The company also announced a change to its UK revenue recognition policies. UK revenue will now be recognised on a net basis, which necessitated a readjustment of market expectations for 2023 from GBP6.5 million to GBP5.7 million.
As at December 13, SpaceandPeople had GBP2.6 million in total available cash, up from GBP2.2 million in December 2022.
SpaceandPeople expects to release its full-year results on April 29.
By Hugh Cameron, Alliance News reporter
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SpaceandPeople (SAL)