10 Feb 2014 07:00
Date: | 10 February 2014 |
On behalf of: | Paragon Entertainment Limited ("Paragon", the "Company" or the "Group") |
Embargoed until 0700hrs |
Paragon Entertainment Limited
Trading Update
Paragon Entertainment Limited (AIM: PEL), the attractions design, production, fit-out business and operator, is pleased to provide a trading update for the twelve month period to 31 December 2013.
Financial Highlights
· A strong H2 performance in line with expectations
· Revenues increased c.60% on the prior year from £6.1m to £10.0m
· EBITDA in line with expectations of £0.6m
· Robust balance sheet with cash at year end of c.£930,000 and debt free
Divisional Performance
The Paragon Entertainment group now has three clearly defined business divisions:
· Creative
· Attractions
· Leisure and Licencing
Creative
The Creative division designs and builds attractions for operators of theme parks, museums and attractions. This division forms the majority of the Group's results. The Board is pleased to report a very strong performance from the division, with work successfully completed on over 20 major projects plus a number of smaller projects. The highlights of the year were most notably the Olympics Museum, where Paragon delivered the £7m project on time, and within budget, plus the Eureka Children's Museum, Twickenham Rugby Museum and Mint Street. We have commenced work on Hamley's Russia and Kidzania London. The Group is pleased to report that there is a strong pipeline of orders going into 2014/15, and an order book of £10.2m.
Attractions
The Attractions division builds and operates attractions for the Group. The Group opened its first attraction in Westfield's Merry Hill in November 2012, and is implementing a number of strategies to refine its existing offering with the aim of achieving profitability in 2014.
Leisure and Licencing
Post period end, the division was created to capitalise on worldwide appeal of certain IP rights-themed attractions e.g. Nerf, YuKids, and HiLo. The division commercialises IP rights of products to operators and leisure attractions. The Board believes that this division has demonstrated good potential with its existing IP deals (e.g. Hasbro's Nerf product) and the new structure will allow for greater focus to develop this exciting area of the business.
The final results are expected to be released on or around 26 March 2014.
Paragon Entertainment, CEO, Mark Pyrah said:
"I am very pleased to report the Company's robust balance sheet, strong order book and pipeline. We have entered 2014 with a good platform for growth and a clear road for our strategic goals.
"We are particularly excited about maximising the potential in both the Attractions division and the newly created Leisure & Licensing division, which includes considerable opportunities for IP-Rights commercialisation in the attractions industry.
"The Board is confident for 2014 and beyond, and looks forward to driving growth and value for its shareholders."
- ENDS -
For further information:
Paragon Entertainment Limited Mark Pyrah / Richard Arden
Cenkos Securities plc Ivonne Cantu (Nomad) Alex Aylen / Julian Morse |
Via Redleaf Polhill
020 7397 8900
|
Redleaf Polhill Dwight Burden/Jenny Bahr/ Rachael Brown |
paragon@redleafpr.com 020 7382 4730 |
Notes to Editors:
Paragon Entertainment Limited (AIM:PEL) is an award winning provider of attraction services from initial design and production through to the direct operation and development of themed attractions.
It is the holding company for:
§ Paragon Creative Limited, a visitor attraction design, production and fit-out business;
§ Paragon Communications, who provides graphic design and marketing services; and
§ The Visitor Attraction Company (TVAC), an attraction consultancy, feasibility and operations company.
The Group's projects have included:
§ The design and build of the Titanic exhibition, Belfast's new £97 million visitor attraction;
§ The build of the Wallace and Gromit ride at Blackpool Pleasure Beach;
§ Through licensing agreement with Hasbro, the design, build and operation of several Nerf attractions;
§ Acting as the lead thematic and interactive contractor for the Florya Aquarium in Istanbul.
The Group listed on AIM in 2011.
Further information can be found at: http://www.paragonent.com/