SpaceandPeople warns of annual loss after subdued late sales

Writer, Stock Market Wire
Tuesday, January 29, 2019 - 08:18

Marketing group SpaceandPeople warned it now expected to post a full-year loss as tough conditions for retailers drove weakness in the final quarter.

Pre-tax losses for the year through December, excluding non-recurring items, were expected to amount to £0.1m.

'Trading during the final quarter of 2018 was not as strong as had been anticipated, with December trading being subdued in particular, in part due to well documented difficult high street trading conditions,' the company said.

SpaceandPeople said it would also write off the £0.2m carrying value of its Indian unit.

'The Indian business continues to trade at expected levels, however, the level of profitability cannot support the carrying value of this goodwill at the moment,' it said.

'The board is confident that new initiatives, cost cuts and anticipated new business wins will return the Group to growth in 2019 and beyond,' SpaceandPeople added.

'Despite the full-year result being a small loss before non-recurring items, the board maintains its intention to maintain a dividend payment and will propose a final dividend of 0.5p per share at the AGM for shareholder approval.'

At 8:18am: (LON:SAL) SpaceandPeople PLC share price was -2.5p at 14.5p

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