SpaceandPeople PLC’s share price soared by over a third on Monday as it provided a strong trading update for 2021, and a ‘confident’ outlook for the new year.

The Glasgow-based marketing and promotions firm said revenue was up 61% to £4.5 million in 2021 from £2.8 million in 2020. The company said the easing of restrictions in the second half of the year led to a bounce-back in trading activity as venues re-opened. This was somewhat set back by government advice in the key December period, it said, following the outbreak of the Omicron variant.

SpaceandPeople’s share price was up 41% to 13.06 pence in London on Monday morning.

The company had cash of £1.4 million at the end of December, up from £800,000 a year before. It had £2.0 million term in loans, up from £1.8 million. Undrawn bank facilities stood at £750,000, up from £500,000. Cash headroom at year-end was £2.1 million, up from £1.3 million a year prior.

‘Trading has continued to recover in early 2022 in both the UK and Germany and the board is increasingly confident on the outlook for the business and has the resources and opportunities to deliver sustained and improved financial performance,’ the company said.

Full results for 2021 will be released during the week starting April 25.

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