23 Apr 2018 07:00
Date: | 23 April 2018 |
On behalf of: | Paragon Entertainment Limited ("Paragon", the "Company" or the "Group") |
Paragon Entertainment Limited
Trading Update
Paragon Entertainment Limited (AIM: PEL), the attractions design, production and fit-out business, today provides the following trading update.
As the work on the results for the year to 31 December 2017 moves to completion, the directors are now of the view that, whilst revenue for FY17 will be broadly in line with previous guidance at £14.7m, owing to major cost overruns in the design, manufacture and delivery on two large projects delivered during the fourth quarter of last year, EBITDA for FY17 is now expected to be approximately £200,000.
Trading during 2018 has been slow with staff utilisation falling below expected levels. Whilst the Group has a number of exciting projects in the pipeline the slower trading will have a knock-on effect on 2018 financial performance. As a consequence, the directors have taken the decision to implement an immediate restructuring programme with a view to achieving in the region of £400,000 of annualised cost savings. The one-off cost of this programme is expected to be in the region of £150,000.
The Company expects to announce the FY17 results during May when further information on FY18 trading will be provided.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
For further information:
Paragon Entertainment Limited John Dobson (Chief Executive) Mark Taylor (Non-Executive Chairman)
finnCap Ltd Julian Blunt / Simon Hicks (corporate finance) Alice Lane (corporate broking) |
01904 608020
020 7220 0500
|
About Paragon
Paragon Entertainment Limited (AIM:PEL) is an award winning provider of attraction services from initial design production and consulting through to the fit out and installation of themed attractions, heritage exhibits, museums, aquariums and water parks, inter alia. Paragon Entertainment is the holding company for Paragon Creative Limited.
The Group's projects have included:
· The build of Rolling Stones Exhibitionism at the Saatchi Gallery, London;
· The design and build of Kidzania, London;
· The design and build of galleries at the Olympic Museum for the IOC in Lausanne, Switzerland;
· The design and build of the galleries at The National Museum of Kazakhstan;
· The design and build of Titanic Belfast; and
· The thematic build of the Wallace and Gromit ride at Blackpool Pleasure Beach.
The Group listed on AIM in 2011. Further information can be found at http://www.paragonent.com.