LONDON (ShareCast) - (Sharecast News) - Retail, promotional and brand experience company SpaceandPeople released its pre-close trading update ahead of its preliminary results for 2019 on Monday, reporting that trading during the final quarter of the year was stronger than anticipated in the promotions divisions.
The AIM-traded firm said that it was subdued in the retail divisions, however.

As a result, the company said overall revenue at £7.7m for the year was lower than expected, but due to lower direct costs, gross profit and profit before tax were "broadly in line" with market expectations.

The year-end cash position was around £1.2m, up from £0.8m, with bank borrowings as at 31 December standing at £0.6m, widening from nil a year earlier.

SpaceandPeople said that, following the resumption of a dividend payment in the previous year, its board was intending to increase the dividend payment, and would propose a final dividend of 0.75p, up from 0.50p per share, at its annual general meeting for shareholder approval.

"The group is also pleased to announce that a multi-year agreement has been signed with Abellio to provide commercialisation activity in the Greater Anglia and West Midlands rail regions," the board said in its statement.

"This is the first time that SpaceandPeople has worked with Abellio and we look forward to growing this relationship.

"Also, the Network Rail agreement that was due to expire in September 2020 has been extended by a further year and we look forward to continuing to expand on this very successful relationship."

SpaceandPeople said it expected to announce its preliminary results for the year ended 31 December on 25 March.

At 1302 GMT, shares in SpaceandPeople were down 4.17% at 11.5p.

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