SpaceandPeople PLC shares jumped on Tuesday, after it said trading momentum has continued into early 2023 despite rail strikes.

Shares in the Glasgow-based retail, promotional and brand experience specialist were up 15% to 76.50 pence each in London on Tuesday morning.

In a trading update, the company said that total revenue in 2022 was in line with market expectations, being about £5.5 million. In 2021, SpaceandPeople reported revenue of £4.5 million.

‘Trading momentum has continued in early 2023 in both the UK and Germany despite rail strikes and the board looks forward to continued increases in revenue and profitability for the year,’ SpaceandPeople said.

As at December 31, 2022, the group had cash of £1.9 million, up from £1.4 million year-on-year. It had £1.5 million term in loans, down from £1.8 million. Undrawn bank facilities stood at £700,000, unchanged year-on-year. Cash headroom at year-end was £2.6 million, up from £2.2 million a year prior.

The company expects to announce its 2022 results during the week beginning May 1.

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