REG - Aeorema Comms Plc - Trading Update

Aeorema CommunicationsAnnouncement

19/03/2020 07:00

RNS Number : 7112G
  
Aeorema Communications Plc
  
19 March 2020
  
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").  With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
 
19 March 2020
 
Aeorema Communications plc ('Aeorema' or the 'Company')
 
Trading Update
 
Aeorema Communications plc, the AIM-quoted live events agency, provides an update on trading for the financial year ending 30 June 2020 ("FY20"), following the postponement of the Cannes Lions International Festival of Creativity from June until October 2020 as a result of the COVID-19 virus (or coronavirus) outbreak.  
 
Cannes Lions will now take place from 26 - 30 October and the organisers have said that all passes, sponsorship arrangements and bookings will roll over and remain valid. 
 
As a result of the postponement of Cannes Lions, the Directors anticipate that the Company will make a loss before tax for FY20 of between £150,000 and £250,000. Given the rapidly evolving COVID-19 situation, the Directors consider it appropriate for market forecasts to be suspended at this time. 
 
The Directors remain confident that the revenue and profit from postponed events will now fall into the financial year ending 30 June 2021. Aeorema has maintained its strong cash position with £1,393,243 in the bank as at 31 December 2019 (31 December 2018: £1,030,956). As at the date of this announcement, cash in bank is circa. £1,700,000.  
 
 For further information on the Company visit  www.aeorema.com  or contact:



Mike Hale


Aeorema Communications plc


Tel: +44 (0) 20 7291 0444




John Depasquale / Liz Kirchner


Allenby Capital Limited (Nominated Adviser and Broker)


Tel: +44 (0)20 3328 5656




Catherine Leftley


St Brides Partners Ltd 


Tel: +44 (0) 20 7236 1177



 


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