Arena Events Group maiden full year results in line with expectations
Source - SMW
Arena Events Group said underlying trading for the year ended 31 December 2017 was in line with market expectations.
The group delivered several high profile events such as the Eurasia Cup in Kuala Lumpur; the HSBC Abu Dhabi Golf Championships and the AT&T Pebble Beach Pro-Am.
The company cited a number of successfully delivered projects in each region during the final quarter of 2017.
In the UK, a temporary TV studio was constructed and handed over to ITV for the relaunch of its Dancing on Ice show. In Asia, the group won a two year contract for the CJ golf trophy in South Korea. While in the US, a number of major events were delivered including the temporary facilities for the Bryant Park ice rink in New York.
During the second half of 2017, the Group increased capital expenditure to support various projects, which is anticipated to improve profitability in the current year. Working capital increased slightly and net debt is expected to be around £11.5m at the period end.
Greg Lawless, Chief Executive Officer of Arena said: 'We made strong progress in 2017, growing the business organically, commencing trading on AIM in July and declaring our maiden interim dividend in September.'
'As a management team, we continue to evaluate a number of acquisition opportunities which we believe will further contribute to the growth of our business.'
At 8:45am: (LON:ARE) Arena Events Group Plc Ord 1p share price was 0p at 61.5p