Profits up at spaceandpeople
Published: 15 September, 2010
Listed commercialisation agency Spaceandpeople has unveiled a 31 per cent increase in profits for the eight months to 31 August 2010
In the first eight months of 2010 Spaceandpeople saw gross revenues rise by 25 per cent from £8,435,425 last year to £10,532,606. And operating profit was £286,576, up 31 per cent on last year’s £219,378.
Chief executive Matthew Bending said the major event of the period was the successful acquisition of Retail Profile which was completed on 24 May 2010. “This acquisition is earnings enhancing and is already generating commercial synergies through, for example, the ability to cross sell each other’s services,” he said.
The enlarged group now represents 372 venues in the UK and Germany, up from 310 last year, with a combined weekly footfall of over 47m customers. “This is a compelling offer for advertisers and merchants as evidenced by current trends in our order book,” said Bending. “As a result, we are confident regarding the prospects for continued growth in revenues and profitability of the group and believe this will be evident in the full year results.”