Arena Events Group plc: Interim Results
Arena Events Group plc (AIM: ARE), today announces its unaudited Interim Results for the six months ended 30 June 2018.
- Revenue increased by 23% to £54.9m (H1 17: £44.8m)
- Gross profit increased to £16.7m (H1 17: £14.2m)
- Adjusted EBITDA increased by 52% to £3.5m (H1 17: £2.3m)
- Operating Profit of £0.3m (H1 17: loss of £0.8m)
- Increased interim dividend declared of 0.5p per share (FY 17 Interim dividend: 0.45p)
- In the UK – the largest ever temporary structure delivered for the Cheltenham Festival; supply of temporary media support structures for the Royal Wedding; and temporary structures, seats and furniture delivered for the BMW PGA Championships at Wentworth
- In Middle East and Asia – delivery of infrastructure for the bi-annual Eurasia Cup (Kuala Lumpur); the Volvo Ocean Race stop in Hong Kong; and the Hong Kong 7’s rugby
- In US – delivery of temporary structures for Super Bowl; and the players facilities at the AT&T Pro-Am
- Successfully completed three acquisitions in the UK:
- GLD Productions
- Ice House Rentals Ltd
- Events Solution Ltd
Post Period Highlights
- Successfully completed £20m fundraise in September
- Acquisition of Ironmonger Events in Hong Kong
- Acquisition of Stuart Event Rentals in the US
- Agreement to acquire TGP in Dubai
Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation, exceptional and acquisition costs.
Greg Lawless, CEO, commented:
“I am delighted with the progress we have made in the first half of the year. To grow revenue by 23% (19% on a like for like basis) whilst also completing three acquisitions, with two more completed after the period end, is a very solid performance.
Our stated strategy is to develop the Group by a combination of organic and acquisition led growth activity with an ambition to build a fully integrated supplier to the global events industry. We are confident that the strategy will deliver long term shareholder value as we continue to acquire value accretive companies and add new long term multi-year recurring contracts in each region.
These robust first half results put us in a strong position and gives us confidence to deliver on full year expectations.”
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