REG - SpaceandPeople PLC - Final results for the year ended 31 December 2025
29/04/2026 07:00
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RNS Number : 2944C SpaceandPeople PLC 29 April 2026
SpaceandPeople plc
("SpaceandPeople" or the "Group")
Final results for the year ended 31 December 2025
Financial highlights
· Revenue increased by 20% to £8.0 million (2024: £6.7 million)
· Operating profit up 74% to £0.6 million (2024: profit of £0.3
million)
· Basic Earnings per share increased by 53% to 21.6p (2024: 14.1p)
· Strong operating cash generation with cash inflow from operations
of £1.3 million (2024: £0.8 million)
· Net cash* at year end increased by 59% to £1.6 million (2024: £1.0
million), following the full repayment of all bank borrowings during the year
*Gross cash less borrowings
Operational highlights
· Strong UK Brand performance, including an unusually strong first
half, delivering over 3,000 days of live activations across more than 300
venues
· Substantial growth delivered across all divisions, with UK
Promotions, UK Retail and Germany all achieving double digit revenue growth
· Continued expansion of the Rock Up and Pop Up ("RUPU") offering, with
34 kiosks trading at year end (2024: 26), supporting flexible retail and
acquisition services
· Further progress in European expansion, including the securing of an
exclusive contract with Berlin's largest shopping centre, Gropius Passagen
· Investment made in people, marketing and infrastructure, including
the establishment of a new UK operations hub in Daventry and recruitment of a
Group Head of Marketing
Chair's Statement
The last year has seen a strong financial performance by the Group, with
significant revenue and profit growth in all areas and, importantly, the full
repayment of all bank borrowings incurred during COVID-19 period. The Group
has continued to make progress against its strategic objectives, including
product development and European expansion, although further progress remains
to be delivered. These areas will remain a key focus in 2026.
Key business developments and the financial performance of the Group for the
year ended 31 December 2025 are covered in more detail in Nancy Cullen's Chief
Executive Officer's Review and Gregor Dunlay's Operating and Financial Review
and therefore not repeated here.
Strategic growth opportunities in the UK and Europe remain, although the Board
is mindful of increased geopolitical and macroeconomic uncertainty affecting
the Group's core markets. As referenced last year, investment in new
technology tools to support expansion and improve efficiency has continued and
these initiatives remain on track for further rollout across the business
during 2026.
SpaceandPeople continues to be a cash generative business with modest capital
expenditure requirements, notwithstanding the investment in new IT systems
during 2025 and 2026. The Board has previously noted its intention to return
to dividend payments at a suitably prudent time, subject to distributable
reserves being generated. This is not expected in the near term and will
remain dependent on the continued delivery of strong and consistent financial
performance.
My thanks go to John Scott who resigned during the period, for his advice,
input and time spent supporting the business. As usual, I would again like to
thank all colleagues across the Group and my fellow Board members for a year
of strong financial performance and achievement. I believe strongly in the
growth opportunities available to the business and the potential for another
year of positive results delivery in 2026.
George Watt
Chair
Chief Executive Officer's Review
2025 was a significant year for SpaceandPeople as we marked our 25(th)
anniversary. It was also a year of continued revenue and profit growth,
reflecting the current strength of our commercial strategy and the incredibly
hard work of our teams across the whole business. Whilst all sales departments
performed strongly, there was a notable and exceptional first-half performance
for our UK Brand department alongside continued momentum in the Rock Up and
Pop Up ("RUPU") department.
The strong start to the year enabled us to make several important investment
decisions during 2025 about how we move forward and communicate with customers
in an increasingly digital world. These decisions focused on technology to
improve the customer journey and create more personalised, insight driven
engagement, with the benefits expected to become increasingly visible
throughout 2026.
Promotions UK
We delivered a very strong H1 in 2025, which is traditionally significantly
weaker than H2, with spend across the technology sector and a plethora of
nicotine replacement products as major contributors to sales during the
period. In the technology sector, one client Samsung activated over 297 days
during the year using a multi city experiential programme to bring new devices
and AI features to life. The activity combined immersive sets, demos and
staff-led interactions across travel hubs, shopping venues and campuses,
giving customers a hands on experience with their latest technology.
Sampling activity was the single largest booking type in 2025, with
"brand-to-hand" making up around half of all bookings. Experiential
activations were the next largest component, accounting for almost half of
bookings, with residual activity split across pop-up retail, live stunts and
acquisition campaigns.
Over the year, we booked space for activations in over 300 venues in towns and
cities across the UK, spanning local shopping centres to major national travel
hubs. Food and drink activations dominated the experiential sector and there
was a particularly strong presence from products such as Rockstar, Kettle
Chips, Fridge Raiders and Bon Maman. In the summer months, alcohol brands
brought elaborate custom builds to external locations, providing the public
with experiences alongside product sampling. As an example, Rekorderlig's
"Cold Sauna" activation at Broadgate London, to mark the release of their
Peach and Raspberry flavour, involved installing a giant peach shaped cold
sauna, inviting the public to cool off inside with a free can of cider.
We have been seeing and reporting a growth in beauty brand activity taking
space for both experiential and mid-mall retail for a couple of years now and
this trend continued into 2025 with over 60 activations from major beauty
brands, including Charlotte Tilbury, Lush and Dior in Q4. Beauty now
represents a core category within Brand activity, with campaigns heavily
weighted towards H2, where offerings are primarily gifting-led and delivered
through a mix of counter-style formats and immersive installs.
Overall, the department delivered over 3,000 days of live activations
showcasing over 200 different brands during the year.
Adoption of CORE has continued to increase during 2025, maturing into a widely
adopted industry platform, providing robust data and insights that help our
brand clients and agencies select the optimal activation locations for their
campaigns. The platform, which is accessible through the IPM (Institute of
Promotional Marketing) website, as well as via our brand team, was recently
awarded a prize by EACA (the European Association of Communications Agencies)
in recognition of CORE's ability to strengthen and assist decision making for
brands buying experiential media.
Retail UK
Our UK retail department delivered a strong year with retailers continuing to
book space across indoor and outdoor locations. Q4, in particular, saw a surge
of indoor pop-up activity across categories including craft, alcohol, gifting
and other seasonal retail. We are also seeing growth in the outdoor retail
market with some major indoor retail operators now looking to take space in
our retail and shopping park portfolio.
Demand for our Rock Up and Pop Up product grew significantly over the year
with major brands seeking flexible, short-term retail solutions to test and
trial new locations for future stores as well as supplementing their existing
store offer at key times of the year for their products. We welcomed a number
of high profile brands to our portfolio, including Thomas Sabo, Happy Socks,
Vieve, and children's educational brand, Mrs Wordsmith and we continue to be
in discussion with many of these brands regarding expanded activity in 2026.
We are also seeing an increase in socially prolific and digital-first brands
entering physical retail as part of their broader omnichannel strategy,
notably within the permanent jewellery and Korean skincare markets, both of
which expanded their presence in shopping malls during the year using our Rock
Up and Pop Up service as the conduit for their launch.
Our ability to provide our landlord partners with new retail opportunities
from trending products and for nascent brands to be able to start or expand
their physical footprint is hugely important to SpaceandPeople and we are
delighted with the way in which our retail offering is developing. The
desirability and success of this product with property companies enables us to
attract the UK's premium venues and the take up by established retail brands
as well as start-up retailers is very encouraging. As previously reported, and
to support this growth, we relocated our Operations division to Daventry in
2025 and, most importantly, we have now established a professional and highly
capable team who are able to design, build and deliver kiosks to a very high
standard. This move is enabling us to scale our product and service offering
significantly and to talk to top tier brands about this unique and flexible
service.
In a further evolution of our services and mirroring the success of our pop up
retail offer, we have started to market and sell a product specifically
designed to support the growth of acquisition services. The solution, called
Engage, mirrors the Rock Up and Pop Up offering and includes the provision of
space plus a branded digital kiosk and optional staffing. We expect an
expansion of this initiative through 2026-27, aligned with the general growth
in subscription-based sales.
Retail Germany
Revenue in our German business continues to grow steadily and we were
delighted to secure an exclusive contract with Berlin's largest mall, Gropius
Passagen, in Q4 2025. This centre offers our German team multiple retail,
brand and acquisition opportunities and moves this business further into
alignment with our core UK business.
We have further strengthened our operations capabilities in Germany, securing
additional revenue during the year from the supply of vending furniture and
from pop up shops.
In parallel, we are also beginning to see an increase in brand activity in
Europe and we intend to accelerate this growth through closer collaboration
between our German and UK teams throughout 2026.
Marketing & Digital Transformation
We took the decision during 2025 to make a significant investment in our
marketing and digital capability with the recruitment of a new Group Head of
Marketing, who will play a central role in enhancing our brand presence and
customer engagement. Our investment in marketing is pivotal to the future
development of SpaceandPeople, as sales pipelines and outreach at scale for
new business becomes ever more automated. Our investment in marketing will
enable us to maximise our exposure by focussing on digital content, search
engine optimisation and our social presence creating warm leads at scale for
our sales teams which will match and support modern buyer behaviour.
The focus on marketing is central and timed to coincide with a major
investment in our systems and digital infrastructure. Our digital
transformation programme which we started in 2025 remains on track, with
completion scheduled for H2 2026. This project includes a completely new
consumer facing website incorporating a detailed venue search and booking
interface and a wide range of technology enhancements to streamline and
automate the booking process. These developments will support a stronger,
smoother and simpler customer experience across our entire platform and are
attuned to the changing habits of our space buyers. This entire project will
be supported by a complete brand refresh for SpaceandPeople, with stronger,
cleaner positioning, a new brand voice and maximisation of our content to
ensure strong organic search ability, better social engagement and additional
momentum and attention for the business.
Outlook
We are seeking further growth in 2026 across all our teams, but with a
specific focus on our pop up services (Rock Up and Pop Up and Engage) which
are completely unique offerings in our market sector. We are aware, however,
that the business is continuing to operate against a backdrop of increasingly
severe economic headwinds, including inflationary pressures, higher interest
rates and cautious consumer sentiment. These conditions have created cost
pressures within our industry and we have already seen evidence of more
conservative purchasing across the Brand market in Q1, as a direct result of
this. We are hopeful however, that with the launch of new digital products,
enhanced brand engagement, an increased marketing focus and the continued
development of services aligned closely with the needs of promoters, retailers
and venue partners, we can enjoy another good year at SpaceandPeople.
Finally, in our 26(th) year of operation, I would like to take this
opportunity to thank the many people who have been involved in SpaceandPeople
since its inception. This includes my co-founder, Matthew Bending, many of our
shareholders and a number of colleagues in the business who have worked
tirelessly over the last 25 years to develop SpaceandPeople and move this
business forward.
Nancy Cullen
Chief Executive Officer
Operating and Financial Review
The Group performed well in 2025, with revenue, profitability and operating
cashflow all improving year on year and exceeding original expectations.
Performance in H1 was particularly strong, primarily as a result of
significantly higher UK promotional revenue as some brands ran large campaigns
during the traditionally quieter first quarter of the year. Overall, all areas
of the business delivered growth in 2025 compared with 2024 and the business
continued to invest in new staff, new resources and significant IT development
during the year while delivering a profit before tax of £0.49 million (2024:
£0.22 million) and fully repaying its bank borrowings.
Revenue
Net revenue* generated in 2025 was £6.50 million, an increase of £1.05
million (19%) compared with the previous year, comprised as follows:
2025 2024
£ million £ million Movement
UK promotions 4.95 4.08 +21%
UK retail 0.56 0.52 +7%
German retail (net of cost of sales)* 0.99 0.85 +16%
Total 6.50 5.45 +19%
*Note: In line with IFRS 15, UK revenue is recognised on a net (agent) basis,
with German revenue recognised on a gross (principal) basis, due to its
performance conditions. For the purpose of the table above, German revenue has
been presented on a net basis to provide a direct comparison between
divisions. German revenue on a gross basis amounted to £2.52 million for FY25
(FY24: £2.12 million), as detailed in note 4 to the financial statements.
Net UK promotional revenue was up 21% to £4.95 million compared with the
previous year. This was primarily due to a strong performance in Brand
Experience bookings, particularly in H1 of 2025, with good performance across
all promotional areas.
In the UK retail division, the continuing roll out of our RUPU business
mitigated the drop off in old Retail Merchandising Unit ("RMU") business as
this product was phased out. We ended the year with 34 RUPU kiosks in
operation in December 2025 compared with 26 in December 2024. These kiosks are
increasingly attractive to venue owners, retailers and brands and, as a
result, we have been able to expand into a growing number of premium venues
with desirable brands.
German net retail revenue grew by 16% in 2025 compared with 2024, continuing
the positive momentum of this business that we have experienced over the past
few years. This increase in revenue has been driven by increased brand
experience revenue along with provision of additional services such as shop
fit outs and mall furniture.
Administrative Expenses
Administrative costs including depreciation increased by £0.86 million (16%)
from the previous year to £6.28 million. The majority of the increase was as
a result of increased staff costs, with further staff recruitment (average
headcount increased from 62 to 66) and commission and bonus targets being met
as revenue exceeded targets together with ongoing wage inflation. The business
also relocated its UK operations base from Barking to larger premises in the
Midlands. The cost benefits of this will be felt from 2026 onwards.
Other Operating Income
Other operating income in relation to the recharge of incidental costs
increased by 20% to £0.34 million (2024: £0.28 million). This income is
generated by the German retail division and grew in line with the increase in
revenue in this division as it is closely aligned with sales volumes.
Operating Results
As a result of the increase in revenue in 2025, Group operating profit
increased to £0.56 million, compared with £0.32 million achieved in 2024.
Earnings Per Share
In 2025, Basic Earnings per Share was 21.6p (2024: 14.1p) and Diluted Earnings
per Share was 19.3p (2024: 12.8p).
Cash Flow
The Group cash inflow from operations was £1.33 million (2024: £0.76
million). This was driven by positive EBITDA of £0.94 million (2024: £0.62
million) with the remainder being due to movements in working capital. During
2025, the Group was able to repay its remaining term loans of £0.84 million.
As a result, net cash at the end of 2025 was £1.64 million (2024: £1.04
million).
Net assets
The Group's net assets increased from £3.47 million in 2024 to £3.90 million
at the year-end as a result of the improved performance during the year.
Whilst the Group's value of goodwill remains unchanged at £5.38 million, its
value is particularly sensitive to assumptions applied to its impairment
review relating to discount rates and forecast revenue growth, notably for the
Group's RUPU service offering. We consider the assumptions applied to be
reasonable and supportable, taking into account historical performance,
current trading and the pipeline of new business opportunities. Despite the
sensitivity, we remain confident in the Group's plans and future growth
prospects
Gregor Dunlay
Chief Financial Officer
Strategic Report
Key Performance Indicators
The main financial key performance indicators are profit before taxation,
Earnings per Share and available cash. During the year, the profit before
taxation was £0.5 million (2024: £0.2 million) and net cash at 31 December
2025 was £1.64 million (2024: £1.04 million). Basic EPS was 21.6p (2024:
14.1p).
The Group continually monitors several key areas:
· revenue against target and prior period;
· profitability against target and prior period;
· venue acquisition, performance and attrition;
· promoter and operator types compared with historic bookings; and
· commission and occupancy rates.
2025 2024
Revenue (£ million) 8.0 6.7
Operating profit (£ million) 0.6 0.3
Basic earnings per share (p) 21.6 14.1
Contact details:
SpaceandPeople
Plc
0845 241 8215
Nancy Cullen, Gregor Dunlay
Zeus (Nominated Adviser and Broker)
0203 829 5000
David Foreman, Ed Beddows
Consolidated Statement of Comprehensive Income
Notes
12 months to 12 months to
31 December 2025 31 December 2024
£'000 £'000
Continuing Operations
Revenue 4 8,035 6,723
Cost of sales 4 (1,530) (1,270)
Gross profit 6,505 5,453
Administration expenses 4 (6,278) (5,416)
Other operating income 5 339 282
Operating profit 6 566 319
Finance income 8 16 15
Finance costs 8 (91) (109)
Profit before taxation 491 225
Taxation 9 (79) 44
Profit after taxation 412 269
Other comprehensive income
Foreign exchange differences on translation of foreign operations (19) (10)
Total comprehensive income for the period 393 259
Earnings per share
Basic 23 21.6p 14.1p
Diluted 23 19.3p 12.8p
Consolidated Statement of Financial Position
Notes 31 December 2025 31 December 2024
£'000 £'000
Assets
Non-current assets:
Goodwill 11 5,381 5,381
Intangible assets 12 111 -
Property, plant & equipment 13 1,228 613
Deferred tax asset 15 215 294
6,935 6,288
Current assets:
Trade & other receivables 14 1,846 1,804
Cash & cash equivalents 16 1,644 1,872
3,490 3,676
Total assets 10,425 9,964
Liabilities
Current liabilities:
Trade & other payables 17 5,905 5,417
Borrowings repayable within one year 18 - 211
Lease liabilities 19 226 128
6,131 5,756
Non-current liabilities:
Borrowings repayable after one year 18 - 625
Lease liabilities 19 393 114
393 739
Total liabilities 6,524 6,495
Net assets 3,901 3,469
Equity
Share capital 21 197 195
Share premium 4,895 4,868
Special reserve 233 233
Own shares held 25 (50) (50)
Retained earnings (1,374) (1,777)
Total equity 3,901 3,469
Consolidated Statement of Cash Flows
Notes 12 months to 12 months to
31 December 2025 31 December 2024
£'000 £'000
Cash flows from operating activities
Profit before taxation 491 215
Adjustments for:
Depreciation and amortisation 374 297
Share based payment expense 10 3
Interest received (16) (15)
Interest paid 91 109
Increase / (decrease) in trade and other receivables (42) (5)
(Increase) / decrease in trade and other payables 488 280
Cash generated from operations 1,396 884
Interest paid 8 (43) (109)
Effect of foreign exchange rate movements (19) (10)
Net cash inflow from operating activities 1,334 765
Cash flows from investing activities
Purchase of property, plant & equipment 13 (435) (226)
Purchase of intangible assets 12 (111) -
Interest received 8 16 15
Net cash outflow from investing (530) (211)
activities
Cash flows from financing activities
Bank facility payments (836) (322)
Payment of lease obligations 19 (225) (232)
Issue of share capital 29 -
Net cash outflow from (1,032) (554)
financing activities
(Decrease) / increase in cash and cash equivalents (228) -
Cash and cash equivalents at beginning of 1,872 1,872
period
Cash and cash equivalents at end of 16 1,644 1,872
period
Consolidated Statement of Changes in Equity
Share Share Special Own Retained Total
capital premium reserve Shares held Earnings equity
£'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 195 4,868 233 (50) (2,039) 3,207
Comprehensive
income:
Foreign currency
translation - - - - (10) (10)
Profit for the period - - - - 269 269
Total comprehensive - - - - 259 259
Income
Equity settled share-based payment - - - - 3 3
At 31 December 2024 195 4,868 233 (50) (1,777) 3,469
Comprehensive
income:
Foreign currency
translation - - - - (19) (19)
Profit for the period - - - - 412 412
Total comprehensive - - - 393 393
income
Equity settled share-based payment - - - - 10 10
Exercise of share options 2 27 - - - 29
At 31 December 2025 197 4,895 233 (50) (1,374) 3,901
Notes to the Financial Statements
2. Accounting developments
New and revised IFRSs applied
Title Implementation Effect on Group
Lack of Exchangeability (Amendment to IAS 21) 1 January 2025 No material impact to the financial statements.
The following amendments will be introduced in future periods
Title Implementation Effect on Group
Amendments to the Classification and Measurement of Financial Instruments 1 January 2026 No material impact to the financial statements.
(Amendments to IFRS 9 and IFRS 7)
Contracts Referencing Nature-dependent electricity (Amendments to IFRS 9 and 1 January 2026 No material impact to the financial statements.
IFRS 7)
Annual Improvements to IFRS Accounting Standards - Volume 11 1 January 2026 No material impact to the financial statements.
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 This may result in additional disclosure or presentation changes.
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 No material impact to the financial statements.
Management anticipates that all relevant pronouncements will be adopted for
the first period beginning on or after the effective date of the
pronouncement.
4. Segmental reporting
The Group splits its operating activities into two main areas, being
promotions and retail. Retail is further sub-divided into both UK and German
territories. The Group maintains its head office in Glasgow and has a
subsidiary office in Hamburg, Germany. The Group has determined that these,
along with head office functions, are the principal operating segments as the
performance of these segments is monitored separately and reviewed by the
Board.
The following tables present revenues and results regarding the Group's two
core business segments - Promotional Sales and Retail, split by geographic
area, after licence fees and management charges made between Group companies.
Segment revenues and
Promotion Retail Retail Head Group
Results UK UK Germany Office
for 12 months to £'000 £'000 £'000 £'000 £'000
31 December 2025
Segment Revenue:
- Agent 4,952 343 - - 5,295
- Principal - 217 2,523 - 2,740
4,952 560 2,523 - 8,035
Cost of sales - - (1,530) - (1,530)
Administrative expenses (3,476) - (1,148) (1,280) (5,904)
Other revenue - - 339 - 339
Depreciation (125) - (23) (226) (374)
Segment operating profit / (loss) 1,351 560 161 (1,506) 566
Finance costs - - - (75) (75)
Segment profit / (loss) before taxation 1,351 560 161 (1,581) 491
Segment revenues and Promotion Retail Retail Head Group
Results UK UK Germany Office
for 12 months to £'000 £'000 £'000 £'000 £'000
31 December 2024
Segment Revenue:
- Agent 4,076 344 - - 4,420
- Principal - 179 2,124 - 2,303
4,076 523 2,124 - 6,723
Cost of sales - - (1,270) - (1,270)
Administrative expenses (3,211) - (923) (985) (5,119)
Other revenue - - 282 - 282
Depreciation (69) - (29) (199) (297)
Segment operating profit / (loss) 796 523 184 (1,184) 319
Finance costs - - - (94) (94)
Segment profit / (loss) before taxation 796 523 184 (1,278) 225
Management reviews and manages assets and liabilities on a geographic /
corporate entity and head office basis. Segment assets include goodwill,
property, plant and equipment, receivables and operating cash. Head office
assets include deferred tax and head office right of use assets. Segment
liabilities comprise operating liabilities. Head office liabilities include
corporate borrowings.
Segment assets and UK Germany Head Group
liabilities Office
as at 31 December 2025 £'000 £'000 £'000 £'000
Total segment assets 8,408 1,248 769 10,425
Total segment liabilities (5,385) (519) (620) (6,524)
Total segment net assets 3,023 729 149 3,901
Segment assets and UK Germany Head Group
liabilities Office
as at 31 December 2024 £'000 £'000 £'000 £'000
Total segment assets 8,450 992 522 9,964
Total segment liabilities (4,908) (623) (964) (6,495)
Total segment net assets 3,542 369 (442) 3,469
5. Other operating income
Other operating income is comprised:
12 months to 12 months to
December 2025 December 2024
£'000 £'000
Ancillary charges 339 282
339 282
6. Operating profit
The operating profit is stated after charging:
12 months to 12 months to
December 2025 December 2024
£'000 £'000
Depreciation of property, plant and equipment 148 98
Depreciation of right of use assets 194 199
Auditor's remuneration:
Fees payable for:
Audit of Company 62 57
Audit of subsidiary undertakings 10 9
Audit related services 9 11
Tax compliance 4 4
Other tax services 1 2
Other services - 2
86 85
Directors' remuneration 907 931
7. Staff costs
The average number of employees in the Group during the period was as follows:
12 months to 12 months to
December 2025 December 2024
Executive Directors 3 3
Non-executive Directors 2 3
Administration 16 18
Sales 34 23
Commercial 4 8
Maintenance 7 7
66 62
12 months to 12 months to
December 2025 December 2024
£'000 £'000
Wages and salaries 3,606 3,213
Social Security costs 521 432
Pensions 178 204
4,305 3,849
Details of Directors' emoluments, including details of share option schemes,
are given in the remuneration report on pages 23 to 25. These disclosures form
part of the audited financial statements of the Group. The number of directors
for whom retirement benefits are accruing under defined contribution schemes
amounts to 3 (2024: 3).
8. Finance income / costs
12 months to 12 months to
December 2025 December 2024
£'000 £'000
Finance income (16) (15)
Interest payable on borrowings 43 88
Interest payable on lease obligations 48 21
75 94
9. Taxation
12 months to 12 months to
December 2025 December 2024
£'000 £'000
Current tax expense:
Current tax on profits for the year - -
Adjustment for under/(over) provision in prior periods - -
Total current tax - -
Deferred tax:
Credit in respect of temporary timing differences 96 (44)
Adjustment for under/(over) provision in prior periods (17) -
Total deferred tax 79 (44)
Income tax expense / (credit) as reported in the income statement 79 (44)
The tax assessed for the period differs to the standard rate of corporation
tax in the UK. The differences are explained below:
12 months to 12 months to
December 2025 December 2024
£'000 £'000
Profit on ordinary activities before tax 491 225
Profit on ordinary activities at the standard rate of corporation tax in the
UK of 25% (2024: 25%)
123 56
Tax effect of:
- Adjustment for under provision in prior periods (18) -
- Other timing differences (15) (23)
- Expenses not deductible in determining taxable profit 6 -
- Change in unrecognised deferred tax assets (17) (77)
Income tax / (credit) as reported in the Income Statement 79 (44)
10. Dividends
No dividends were paid during the current or prior year. The Directors do not
recommend a final dividend for 2025 (2024: £nil).
11. Goodwill
Cost £'000
At 31 December 2023 8,225
Additions -
At 31 December 2024 8,225
Additions -
At 31 December 2025 8,225
Accumulated impairment losses
At 31 December 2023 2,844
Charge for the period -
At 31 December 2024 2,844
Charge for the period -
At 31 December 2025 2,844
Net book value
At 31 December 2023 5,381
At 31 December 2024 5,381
At 31 December 2025 5,381
Goodwill acquired in a business combination is allocated at acquisition to the
cash-generating units (CGUs) that are expected to benefit from that business
combination. The Directors consider that the businesses of the UK Retail
sub-group are an identifiable CGU and the carrying amount of Goodwill is
allocated against this CGU.
The recoverable amount of the cash generating unit was determined based on
value-in-use calculations, covering a detailed forecast, followed by an
extrapolation of expected cash flows based on the targeted and expected growth
rate over the next five years followed by a terminal factor determined by
management.
The present value of the future cash flows is then calculated using a pre-tax
discount rate of 15.33% (2024: 13.23%).
This discount rate includes appropriate adjustments to reflect, in the
Directors' judgement, the market risk and specific risk of the CGU. Changes in
the discount rate compared to the prior year reflect the latest market
assumptions for the risk-free rate, equity risk premium and the cost of debt.
The growth rate utilised in calculation of the terminal factor is based on
expected inflationary growth in the UK beyond the period of forecasting. The
growth rate used was 1.46% (2024: 1.44%).
Cash flow projections during the budget period are based on the group's
approved budget for 2026. Future years growth in EBITDA is set at an average
rate other than the RUPU ("Rock up and Pop up") and Elevate revenue streams
which are in an early-stage growth phase.
Forecast revenues during the budget period for RUPU and Elevate are set to
grow at:
RPU Elevate
2027 32% 85%
2028-2029 10% 24%
2030 10% 10%
Overall, the Directors are confident in the plans for the businesses and the
potential increased returns particularly in relation to the pipeline of new
business opportunities.
Nevertheless, the estimate of recoverable amount for the CGU is sensitive to
the discount rate, the cash flow projections and the growth rate.
Critical sensitivity Point at which impairment would occur
Pre-tax discount rate 16.61%
RUPU forecast revenue A reduction in each year's forecast revenue by more than 8%
Elevate forecast revenue A reduction in each year's forecast revenue by more than 27%
12. Intangible fixed assets
The Group movement in Intangible fixed assets was
Cost Assets under development
£'000
At 31 December 2023 -
Additions -
At 31 December 2024 -
Additions 111
At 31 December 2025 111
Amortisation
At 31 December 2023 -
Charge for the period -
At 31 December 2024 -
Charge for the period -
At 31 December 2025 -
Net book value
At 31 December 2023 -
At 31 December 2024 -
At 31 December 2025 111
13. Property, plant and equipment
The Group movement in property, plant & equipment assets was:
Cost Plant & equipment Fixture & fittings Computer equipment Right of use assets property Right of use assets plant & equipment Total
£'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 3,312 318 915 680 162 5,387
Additions 200 3 48 70 29 350
Disposals (1,757) (254) (59) - - (2,070)
Transfers 62 (67) 5 - - -
At 31 December 2024 1,817 - 909 750 191 3,667
Additions 365 - 70 535 19 989
Disposals (54) - - (278) (23) (355)
At 31 December 2025 2,128 - 979 1,007 187 4,301
Depreciation Plant & equipment Fixture & fittings Computer equipment Right of use assets property Right of use assets plant & equipment Total
£'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 3,133 305 872 479 38 4,827
Charge for the period 64 3 31 146 53 297
Depreciation on disposals (1,757) (254) (59) - - (2,070)
Transfers 54 (54) - - - -
At 31 December 2024 1,494 - 844 625 91 3,054
Charge for the period 107 - 41 170 56 374
Depreciation on disposals (54) - - (278) (23) (355)
At 31 December 2025 1,547 - 885 517 124 3,073
Net book value Plant & equipment Fixture & fittings Computer equipment Right of use assets property Right of use assets plant & equipment Total
£'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 179 13 43 201 124 560
At 31 December 2024 323 - 65 125 100 613
At 31 December 2025 581 - 94 490 63 1,228
The right of use lease liabilities are secured against the right of use
assets.
14. Trade and other receivables
31 December 2025 31 December 2024
£'000 £'000
Net trade debtors 1,424 1,411
Other debtors 268 280
Prepayments 154 113
Total 1,846 1,804
Amounts falling due after more than one year included above are: 231 248
The maximum exposure to credit risk at the balance sheet date is the carrying
amount of receivables detailed above. The Group does not hold any collateral
as security. No interest is charged on outstanding trade receivables. The
carrying amount of trade and other receivables approximates the fair value.
The Group applies the IFRS 9 simplified approach to measuring expected losses
on trade receivables which applies a credit risk percentage based upon
historical risk of default adjusted for forward looking estimates against
receivables, grouped into age brackets. To measure the expected credit losses,
trade receivables were considered on a days past due basis. Receivables not
past due are provided at 0%, increasing to between 2% and 15% for balances
aged less than 12 months and 20% for balances aged between 12 and 24 months.
Receivables aged more than 24 months attract significantly higher provision
rates of 85%, reflecting the reduced likelihood of recovery, while balances
outstanding for more than 36 months are provided at between 85% and 100%.
Trade receivables are written off where there is no reasonable expectation of
recovery. Indicators that there is no reasonable expectation of recovery
include the failure of a debtor to enter into a repayment plan with the Group
and a failure to make agreed contractual payments. Impairment losses on trade
receivables are presented as net impairment losses within operating profit.
Subsequent recoveries of any amounts are credited against the same line item.
31 December 2025 31 December 2024
£'000 £'000
Trade debtors 1,946 1,943
Loss allowance (522) (532)
Net trade debtors 1,424 1,411
Movement in loss allowance:
31 December 2025 31 December 2024
£'000 £'000
1 January 532 551
Additional provisions 332 143
Utilised or released (342) (162)
31 December 522 532
The Group does not routinely offer credit terms unless specific alternative
terms have been agreed with a customer. The Directors do not believe that
there is a significant concentration of credit risk within the trade
receivables balance on customers or geographical location.
As of 31 December 2025, trade receivables of £1.2 million (2024: £0.9
million) were past due, but not impaired. The ageing analysis of those debtors
is as follows:
31 December 2025 31 December 2024
Gross Provision Net Gross Provision Net
£'000 £'000 £'000 £'000 £'000 £'000
Not yet due 231 - 231 513 - 513
Overdue 1,715 522 1,193 1,430 532 898
Total 1,946 522 1,424 1,943 532 1,411
15. Deferred tax
31 December 2025 31 December 2024
£'000 £'000
Deferred tax asset 215 294
Split as follows:
Fixed asset timing differences (98) (13)
Tax losses 309 303
Other 4 4
Deferred tax asset 215 294
Movement in the year:
At 1 January 294 250
Adjustment in respect of losses 6 77
Charge in respect of temporary timing differences on property, plant and
equipment
(85) (35)
Other movements
- 2
At 31 December 215 294
Deferred tax is not recognised in respect of tax losses in Germany that are
not expected to be recovered over a forecast period of 5 years against the
reversal of deferred tax liabilities or future taxable profits. This amounts
to an unrecognised tax asset of £36k (2024: £87k).
16. Cash and cash equivalents
31 December 2025 31 December 2024
£'000 £'000
Cash at bank and on hand 1,644 1,872
1,644 1,872
17. Trade and other payables
31 December 2025 31 December 2024
Amounts payable within one year £'000 £'000
Trade creditors 347 341
Other creditors 3,949 3,456
Social Security and other taxes 246 248
Accrued expenses 700 764
Deferred income 663 608
Total 5,905 5,417
All trade and other payables are short term. The carrying values of trade and
other payables are considered to be a reasonable approximation of fair value.
18. Other borrowings
31 December 2025 31 December 2024
£'000 £'000
Bank facilities:
Payable within one year - 211
Payable after one year - 625
- 836
During 2025, SpaceandPeople plc fully repaid their remaining bank loans and as
at 31 December 2025 had no bank debt (2024: £0.84 million). SpaceandPeople
plc also has a £1.0 million overdraft facility of which £nil was used as at
31 December 2025 (2024: £nil). This overdraft facility falls due annually for
renewal in September 2026 and the Company fully anticipates this being renewed
in the normal course of business in advance of this date. The overdraft
facility is secured by floating charge over the Group's assets and are subject
to interest of 2.5% plus base. The overdraft facility is subject to a monthly
covenant test based on debt coverage. There were no breaches in covenants
during the year.
19. Leases
Amounts recognised in the balance sheet:
The balance sheet shows the following amounts relating to leases:
31 December 2025 31 December 2024
£'000 £'000
Right of use assets
Property 490 55
Plant and equipment 63 170
553 225
Lease liabilities
Current 226 128
Non-current 393 114
Total 619 242
Amounts recognised in the statement of profit or loss:
The statement of profit or loss shows the following amounts relating to
leases:
12 months to December 2025 12 months to December 2024
£'000 £'000
Depreciation charge of right of use assets
Property 138 146
Plant and equipment 56 53
194 199
Interest expense on lease liabilities 36 21
Below is a reconciliation of changes in liabilities arising from financing
activities:
1 January Cash New Other 31 December 2025
2025 flows Leases
£'000 £'000 £'000 £'000 £'000
Current lease liabilities 128 (225) 122 201 226
Non-current lease liabilities 114 - 444 (165) 393
Total liabilities from financing activities 242 (225) 566 36 619
The "Other" column includes the effect of reclassification of non-current
leases to current due to the passage of time, the effect of the disposal of
lease assets with their related creditors and the effect of the unwinding of
the discounted ROU creditors over time.
31 December 2025 31 December 2024
£'000 £'000
Maturity analysis - contractual undiscounted lease payments
Within one year 249 131
Between one and five years 472 128
Over five years - -
721 259
The company does not face a significant liquidity risk with regard to its
lease liabilities and these are monitored as part of the overall process of
managing cash flows. There are no leases subject to variable lease payment
terms.
20. Financial instruments and risk management
The Group has no material financial instruments other than Trade and other
receivables, Cash and cash equivalents, Trade and other payables and Lease
liabilities. All borrowings were fully repaid during the year.
The existence of these financial instruments gives rise to credit risk,
liquidity risk, interest rate risk and foreign currency risk.
The net fair value of its financial assets and liabilities is equivalent to
their carrying value as detailed in the balance sheet and related notes.
Credit risk - The Group's credit risk relates to its receivables and is
managed by undertaking regular credit evaluations of its customers. The Group
is aware that customers' financial strength may be adversely affected by
current economic circumstances and endeavours to work with them and our venue
partners to provide appropriate discounts and payment plans to enable them to
continue to trade and repay any amounts owed in an agreed manner. The Group
does not routinely offer extended credit terms to the majority of customers.
Liquidity risk - The Group usually operates a cash-generative business and has
available cash and an undrawn overdraft facility. The Directors consider the
funding structure to be adequate for the Group's current funding requirements
and this is expected to strengthen during future years. The following tables
outline the Group's contractual maturity of its financial liabilities:
Carrying amount Contractual cash flows On Demand/within one year Within 1-5 years Over 5 years
2025 £'000 £'000 £'000 £'000 £'000
Borrowings - - - - -
Lease liabilities 619 721 249 472 -
Trade and other payables 5,905 5,905 5,905 - -
Total 6,524 6,626 6,154 472 -
Carrying amount Contractual cash flows On Demand/within one year Within 1-5 years Over 5 years
2024 £'000 £'000 £'000 £'000 £'000
Borrowings 836 836 211 625 -
Lease liabilities 242 259 131 128 -
Trade and other payables 5,417 5,417 5,417 - -
Total 6,495 6,512 5,759 753 -
Borrowing facilities - As at the balance sheet date, the Group had an agreed
overdraft facility of £1.0 million, of which £nil was utilised at the year
end. This facility is secured by a floating charge.
Financial assets - These comprise cash at bank and in hand. All bank deposits
are floating rate.
Financial liabilities - These include short-term creditors. All financial
liabilities will be financed from existing cash reserves and operating cash
flows.
Interest rate risk - The Group is exposed to interest rate risk through the
impact of rate changes on interest-bearing borrowings. The interest rates and
terms of repayment are disclosed in note 18 to the financial statements.
Except as outlined above, the company has no significant interest-bearing
assets and liabilities. The company does not use any derivative instruments to
reduce its economic exposure to changes in interest rates. An increase or
decrease of 1% in interest rate during the year would have resulted in
movement of £13k to the Income Statement.
Foreign currency risk - The Group is exposed to moderate foreign exchange risk
primarily from Euros due to its German operation and Euro denominated
licensing income as detailed in note 4 - Segmental Reporting. The Group
monitors its foreign currency exposure and manages the position where
appropriate. A 5% change in the Euro rate at the year-end would have resulted
in an additional gain or loss of £13k.
21. Called up share capital
Allotted, issued and fully paid 31 December 2025 31 December 2024
Class Nominal value
Ordinary 10p £ 197,646 195,196
Number 1,976,457 1,951,957
During 2025, SpaceandPeople plc issued 24,500 new Ordinary Shares of 10p each
to satisfy the exercise of options pursuant to the Company's EMI Scheme.
22. Related party transactions
Compensation of key management personnel
Key management personnel of the Group are defined as those persons having
authority and responsibility for the planning, directing and controlling the
activities of the Group, directly or indirectly. Key management of the Group
are therefore considered to be the Directors of SpaceandPeople plc. There were
no transactions with the key management, other than their emoluments, which
are set out in the remuneration report on pages 22 and 23.
23. Earnings per share
12 months to 12 months to
31 December 2025 31 December 2024
Pence per share Pence per share
Basic earnings per share 21.6p 14.1p
19.3p 12.8p
Diluted earnings per share
12 months to 12 months to
31 December 2025 31 December 2024
£'000 £'000
Profit after taxation 412 269
Weighted average number of shares 31 December 2025 31 December 2024
'000 '000
Weighted average number of ordinary shares for the purpose of basic 1,907 1,903
earnings per share
Weighted average number of ordinary shares for the purpose of diluted 2,131 2,098
earnings per share
The weighted average number of shares is calculated as follows:
12 months to 12 months to
31 December 2025 31 December 2024
'000 '000
Weighted average number of shares in issue during the period 1,907 1,903
Weighted average number of ordinary shares used in the calculation of basic 224 195
earnings per share deemed to be
issued for no consideration in respect
of employee options
Weighted average number of ordinary shares used in the calculation of 2,131 2,098
diluted earnings per share
24. Share options
The Group has established a share option scheme that senior executives and
certain eligible employees are entitled to participate in at the discretion of
the Board which is advised on such matters by the Remuneration Committee.
In aggregate, share options have been granted under the share option scheme
over 222,000 ordinary shares exercisable within the dates and at the exercise
prices shown below, being the market value at the date of the grant. All
options have a vesting period of 3 years.
Date of grant Number Option period Price
30 June 2021 58,000 30 June 2024 - 30 June 2031 125p
24 August 2022 63,000 24 August 2025 - 24 August 2032 102.5p
21 December 2023 33,500 21 December 2026 - 21 December 2033 60p
30 May 2025 67,500 30 May 2028 - 30 May 2035 10p
The movement in the number of options outstanding under the scheme over the
period is as follows:
12 months to 12 months to
31 December 2025 31 December 2024
Number of options outstanding as at the beginning of the period 193,000 195,000
Granted 67,500 -
Forfeited (14,000) (2,000)
Exercised (24,500)
Number of options outstanding as at the end of the period 222,000 193,000
Weighted average exercise price 74p 104p
The total share-based payment charge for the year, calculated in accordance
with IFRS2 on share-based payments, was £10k (2024: £3k). The Black Scholes
model was used to obtain the fair value of share options. Further information
in respect of the calculation of fair values has not been presented as the
fair values are not material to the financial statements.
25. Own shares held
The Group has shares held by the SpaceandPeople plc Employee Benefit Trust for
the purpose of issuing shares under the company's share option scheme. The
total amount held is £50k (2024: £50k).
26. Commitments
As at the date of this report, the Group has entered into an agreement with
third party providers to develop new core IT systems for the business during
2026. The outstanding commitment at the year-end amounted to £365,000.
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