26 Jan 2018 07:00
26 January 2018
Arena Events Group plc
Trading Update
Maiden full year results in line with expectations
Arena Events Group plc (AIM: ARE, 'Arena' or 'the Group'), is pleased to announce that underlying trading for the year ended 31 December 2017 has been in line with market expectations.
In the last quarter of 2017 a number of significant projects were successfully delivered in each region. In the UK, a temporary TV studio was constructed and handed over to ITV for the relaunch of its Dancing on Ice show, in Asia the Group won a two year contract for the CJ golf trophy in South Korea and in the US a number of major events were delivered including the temporary facilities for the Bryant Park ice rink in New York.
During the second half of 2017, the Group increased capital expenditure to support various projects, which is anticipated to improve profitability in the current year. In addition, working capital increased slightly and net debt is expected to be around £11.5 million at the period end.
The current financial year has started well and the Group has delivered several high profile events such as the Eurasia Cup in Kuala Lumpur; the HSBC Abu Dhabi Golf Championships and the AT&T Pebble Beach Pro-Am.
The Group expects to announce its audited results for the year ended 31 December 2017 in April 2018.
Greg Lawless, Chief Executive Officer of Arena commented:
"We made strong progress in 2017, growing the business organically, commencing trading on AIM in July and declaring our maiden interim dividend in September. As a management team, we continue to evaluate a number of acquisition opportunities which we believe will further contribute to the growth of our business. The board continues to remain confident in the prospects for the Group."
This announcement contains inside information.
Ends
Enquiries:
| |
Arena Events Group plc Greg Lawless (CEO) Piers Wilson (CFO)
Cenkos Securities (Nomad and Broker) |
+44(0)203 770 3838
+44(0)207 397 8900 |
Max Hartley (Corporate Finance) Julian Morse (Sales) | |
Alma PR (Financial PR) |
+44(0)208 004 4217 |
Josh Royston / John Coles / Helena Bogle |
Notes to Editors:
Arena Events Group plc is a provider of temporary physical structures, seating, ice rinks, furniture and interiors. The Group has operations across Europe, the US, the Middle East and Asia, and current clients include Wimbledon Tennis, The Open, PGA European Tour and Ryder Cup.
The Group services major sporting, outdoor and leisure events, providing a managed solution from concept and design through to the construction and integration of the final structure and interior. Contracts range in size and complexity from a simple equipment rental for a local outdoor event, to an integrated solution of multiple structures and interiors for a major international sporting event.