REG - SpaceandPeople PLC - Interim results - six months ended 30 June 2025
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250915:nRSO2269Za&default-theme=true
RNS Number : 2269Z SpaceandPeople PLC 15 September 2025
SpaceandPeople plc
("SpaceandPeople", the "Company" or "Group")
Interim results for the six months ended 30 June 2025
SpaceandPeople (AIM:SAL), the retail, promotional and brand experience
specialist which facilitates and manages the sale of promotional and retail
merchandising space in shopping centres, railway stations and other high
footfall venues, announces its interim results for the six months ended 30
June 2025 ("H1 2025").
Highlights
Financial
o Group revenue has significantly increased by 26% to £3,697k (H1 2024:
£2,929k). Factors contributing to this growth include an impressive year to
date performance by the UK promotions division with revenue up 38% to £2,460k
(H1 2024: £1,780k). Group gross profit has benefited from this performance
with a 29% upswing to £3,023k (H1 2024: £2,350k).
o 2025 has seen a return to H1 profitability for the first time since 2017.
Profit before tax of £44k by contrast with a loss before tax of £210k for H1
2024 endorses the Group's growth strategy, and is a strong indicator that
the senior leadership team are continuing to make the right strategic choices.
o The further benefits of this strong H1 trading performance include:
o Net cash inflow from operating activities of £16k (H1 2024: outflow of
£939k); and
o Net cash as at 30 June 2025 of £800k, representing a £1,202k increase
compared to prior year (30 June 2024: net debt of £402k).
Operational
o We have capitalised on the increased 2025 market interest in Brand
Experience to grow our bookings in this area and so increase our revenue from
promotions.
o To enable continued growth in revenue we have invested into more client
facing staff to drive future sales.
o In accordance with our long-term growth plan, we have successfully
completed the transfer of our operational hub to the Midlands. This has
already resulted in greater efficiencies and increased capabilities and will
continue to do so going forward.
o We have begun the roll out of a major Group wide digital transformation
project that will innovate and improve our client engagement and interfaces
with the concomitant positive impacts of streamline processes and increased
efficiencies.
o Our UK Rock Up turnkey proposition for brands and emerging online
retailers wishing to explore in-mall retail opportunities continues to excite
the market and demonstrate great potential. Rock Up's roll out into key venues
has continued throughout H1 2025 and is currently the Group's fastest growing
division.
Contact details:
SpaceandPeople Plc 0845 241 8215
Nancy Cullen, Gregor Dunlay
Zeus (Nominated Adviser and Broker) 0203 829 5000
David Foreman, Ed Beddows
Chief Executive's Interim Operating Statement
We are delighted to announce that the Group has delivered an exceptional first
half of 2025, turning what can be a loss making period into a profitable one
for the first time since 2017. We achieved revenue of £3.70m in H1 2025, up
from £2.93m in H1 2024, with gross profit of £3.02m, up from £2.35m in H1
2024 and profit after taxation of £0.03m, up from a loss of £0.19m in H1
2024.
This period was defined by strong revenue growth and strategic progress,
including the creation of a new operational hub for the business in the
Midlands and the commencement of a Company-wide digital transformation project
that will continue into the first half of 2026. None of this, of course, would
have been achieved without the support and commitment of our staff whose
dedication and tenacity has enabled us to refine our market position and to
develop a product and service portfolio that is highly attuned to the
audiences we serve and, in many cases, is completely unique in our market.
Results from every activation are now logged onto our CORE Insights database,
enabling us to use real market intelligence when engaging with potential
buyers. Whether speaking with media agencies, brand activation teams, or
acquisition companies, we can now target the right venues, audiences, and
opportunities with precision and data; strengthening our sales story and
improving conversion rates for all our customers.
UK Promotions
UK Brand
H1 2025 saw strong performance across all divisions, with the brand department
being a particular standout, achieving record results in Q1, traditionally our
weakest quarter, which led to H1 2025 revenue being 55% higher than the
previous year at £1.30m (H1 2024: £0.84m). This growth came from strong
agency demand, enhanced by a number of high-profile one-off campaigns and
significant demand from nicotine replacement brands.
Other highlights included a 25 stop UK wide tour for Ford Electric, the launch
of Call of Duty Warzone 3 in both the UK and central Paris and a celebration
of National Hot Chocolate Day with Hotel Chocolat promoting and sampling in
both shopping centres and train stations, demonstrating the breadth and appeal
of the activations we deliver. While business has traditionally been weighted
toward Q4, reflecting retail's peak season, there is clear momentum from tech
(recently booked activity including activations from Samsung and Audible) and
wellness brands such as Liquid I.V., Moju, Vital Proteins, Lipton and Kombucha
Remedy, embracing face-to-face marketing as part of their overall strategy and
we believe this shift will lead to a more balanced booking cycle this year.
Promotions & Acquisition
H1 2025 revenue in this division contributed £0.30m (up 33% from £0.23m in
H1 2024). We are highly focused on increasing profitability in this division
by attracting new entrants through targeted case studies, market insights, and
digital outreach. While previously dominated by the charity sector, the buyer
profile has shifted toward subscription food boxes, pet brands, and
aesthetics/dental companies, all delivering strong results when activated in
demographically appropriate venues.
Mid Mall Retail
These retailers own their own kiosks and book space in shopping centres and
railway stations nationwide. Contracts typically run from 3 to 12 months.
Despite some retailers converting to permanent leases during this period,
revenue in this division grew by 3% compared with H1 2024.
Outdoor Retail
This division delivered 14% growth compared with H1 2024, driven by the shift
of major UK retailers toward large format "big box" units in shopping parks
and subsequent increases in footfall to these sites. Demand from our retail
partners for space in these locations is rising sharply and we now have a
dedicated team of account managers to capture this opportunity, selling space
to both national and more locally based organisations.
UK Kiosks
Revenue in the UK kiosk division remained static in H1 2025 compared with H1
2024, however, we have grown the pipeline for H2 2025 for our Rock Up kiosks
significantly and by the end of 2025, this will be the fastest-growing
division in the Group. It is designed to enable retailers, from major brands
to independent online sellers, to pop up in any major venue on a fully
flexible basis, we provide a branded kiosk, business planning, merchandising
support, staffing, and ongoing commercial guidance.
This model is increasingly popular with both established high street names and
ambitious start-ups. In H1 2025, we welcomed Thomas Sabo (Metrocentre
Gateshead) alongside new mid-mall brands such as Saku Korean Skincare
Superstore (Meadowhall Sheffield) and V Style Jewellery (Battersea Power
Station). We are always delighted to be able to support new and growing retail
brands and social media trending items (Korean skincare and permanent
jewellery offers are two examples of this approach).
At the beginning of 2025, we relocated our logistics and operations centre
from Essex to Daventry, Northamptonshire, creating a larger modern hub, with a
highly skilled, centralised team. This move is enabling us to accelerate the
expansion of our pop up business and to broaden the operational services that
we can offer our clients.
European Expansion
In Germany, revenue from our existing estate of units in shopping centres was
on target in H1 2025. We are continuing to build relationships with shopping
centre owners who are acquiring venues in Germany that they would like us to
manage moving forward.
The ongoing strategy is to drive retail expansion into other European
countries through our business in Germany, focussing on the current German
retailer base. We currently have units in the Czech Republic and the
Netherlands and we are currently deploying our first units in France.
Outlook
We are absolutely delighted to be delivering these interim results for H1 2025
and we are looking forward to continuing strong growth through H2 2025. We
have recently upgraded our full year expectations for profit before tax in
2025 to £0.5 million as a result of the strong performance so far this year
and we forecast further growth in profitability in 2026.
Our digital transformation project will deliver a new and more sophisticated
bespoke web-based booking system that will have full integration with our CRM
and accounting systems. This will improve and streamline the process of
searching for and booking space in venues, increase operational speed and
enhance efficiency. In addition, the recent appointment of a Group Head of
Marketing will assist our product teams with bespoke marketing plans to enable
them to deliver sales growth as well as driving the Group's overall messaging
and market positioning/strategy.
With new products, new operational premises, new talent, particularly in
client facing roles, and expanding operations across Europe, SpaceandPeople
has strengthened its position at the forefront of our industry in the UK
market and beyond. We look to the future with strong momentum, a clear
strategy, and the capability to deliver sustained growth.
Investor Meet Company
Nancy Cullen, Gregor Dunlay and Andrew Keiller will present the interim
results to retail investors via Investor Meet Company (IMC) on 23 September
2025, at 3.00pm.
The meeting is open to all existing and potential shareholders. Questions can
be submitted before the event through the IMC dashboard or at any time during
the presentation.
Investors can sign up to Investor Meet Company for free, follow SpaceandPeople
and gain access to the meeting
via: https://www.investormeetcompany.com/spaceandpeople-plc/register-investor
(https://www.investormeetcompany.com/spaceandpeople-plc/register-investor)
Nancy Cullen
12 September 2025
Independent Auditor's Review Report on Interim Financial Information
Conclusion
We have reviewed the condensed consolidated interim financial statements ("the
interim financial statements") included in the Interim report of
Spaceandpeople plc for the six-month period ended 30 June 2025.
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim financial statements do not present
fairly, in all material respects the financial position of the entity as at 30
June 2025, and of its financial performance and its cash flows for the
six-month period then ended in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
The interim financial statements comprise:
· the consolidated statement of financial position as at 30 June
2025;
· the consolidated statement of comprehensive income for the period
then ended;
· the consolidated statement of changes in equity for the period
then ended;
· the consolidated statement of cash flows for the period then
ended;
· the explanatory notes to the interim financial statements.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with United Kingdom adopted International Accounting
Standards. The interim financial statements included in the Interim report of
SpaceandPeople plc have been prepared in accordance with United Kingdom
adopted international Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for the preparation and fair presentation of
this interim financial information in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
In preparing the Interim report, the directors are responsible for assessing
the company's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the company or
to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
We are responsible for expressing to the Company a conclusion on the interim
financial statements included in the Interim report based on our review. Our
conclusion, including our Conclusions Relating to Going Concern, is based on
procedures that are less extensive than audit procedures, as described in the
Basis for Conclusion paragraph of this report.
Use of our report
This report is made solely to the company in accordance with International
Standard on Review Engagements (UK) 2410 "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity" issued by the
Financial Reporting Council. Our work has been undertaken so that we might
state to the company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our review work, for this report, or for the conclusions
we have formed.
Azets Audit Services
Chartered Accountants
Statutory Auditors
Titanium 1
King's Inch Place
Renfrew
PA4 8WF
Consolidated Group Statement of Comprehensive Income
For the six months ended 30 June 2025
Notes 6 months to 30 June '25 6 months to 30 June '24 12 months to 31 December '24
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 4 3,697 2,929 6,723
Cost of sales (674) (579) (1,270)
Gross profit 3,023 2,350 5,453
Administration expenses (3,079) (2,627) (5,416)
Other operating income 138 126 282
Operating profit / (loss) 82 (151) 319
Finance income 12 - 15
Finance costs (50) (59) (109)
Profit / (loss) before taxation 4 44 (210) 225
Taxation (11) 25 44
Profit / (loss) after taxation 33 (185) 269
Other comprehensive income
Foreign exchange differences on translation of foreign operations 9 (7) (10)
Total comprehensive profit / (loss) for the period 42 (192) 259
Earnings per share 10
Basic 1.7p (9.7)p 14.1p
Diluted 1.6p (9.7)p 12.8p
Consolidated Group Statement of Financial Position
As at 30 June 2025
Notes 30 June '25 30 June '24 31 December '24
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Assets
Non-current assets:
Goodwill 5 5,381 5,381 5,381
Property, plant & equipment 6 1,022 516 613
Deferred tax 283 275 294
6,686 6,172 6,288
Current assets:
Trade & other receivables 2,145 2,130 1,804
Cash & cash equivalents 7 1,475 595 1,872
3,620 2,725 3,676
Total assets 10,306 8,897 9,964
Liabilities
Current liabilities:
Trade & other payables 5,593 4,610 5,417
Lease liabilities 196 162 128
Borrowings repayable within one year 8 100 322 211
5,889 5,094 5,756
Non-current liabilities:
Lease liabilities 331 113 114
Borrowings repayable after one year 8 575 675 625
906 788 739
Total liabilities 6,795 5,882 6,495
Net assets 3,511 3,015 3,469
Equity
Share capital 9 195 195 195
Share premium 4,868 4,868 4,868
Special reserve 233 233 233
Own shares held (50) (50) (50)
Retained earnings (1,735) (2,231) (1,777)
Total equity 3,511 3,015 3,469
Consolidated Group Statement of Cash Flows
For the six months ended 30 June 2025
Notes 6 months to 30 June '25 6 months to 30 June '24 12 months to 31 December '24
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flow from operating activities
Cash inflow / (outflow) from operations 66 (880) 874
Interest paid (50) (59) (109)
Taxation - - -
Net cash inflow / (outflow) from operating activities 16 (939) 765
Cash flows from investing activities
Purchase of property, plant & equipment 6 (171) (79) (226)
Disposal of property, plant & equipment 7 - -
Interest received 12 - 15
Net cash outflow from investing activities (152) (79) (211)
Cash flows from financing activities
Bank loans repaid 8 (161) (161) (322)
Payment of lease obligations (100) (98) (232)
Net cash outflow from financing activities (261) (259) (554)
Decrease in cash and cash equivalents (397) (1,277) -
Cash at beginning of period 1,872 1,872 1,872
Cash at end of period 7 1,475 595 1,872
Reconciliation of operating loss to net cash flow from operating activities
Operating profit / (loss) 82 (151) 319
Depreciation of property, plant & equipment 140 143 297
Effect of foreign exchange rate moves 9 (7) (10)
Increase in receivables (341) (830) (5)
Increase / (decrease) in payables 176 (35) 273
Cash flow from operating activities 66 (880) 874
Consolidated Group Statement of Changes in Equity
For the six months ended 30 June 2025
Share capital Share premium Special reserve Own shares held Retained earnings Total equity
Six months to 30 June '25 £'000
£'000 £'000 £'000 £'000 £'000
At 1 January '25 195 4,868 233 (50) (1,777) 3,469
Foreign currency translation - - - - 9 9
Profit for the period - - - - 33 33
At 30 June '25 195 4,868 233 (50) (1,735) 3,511
Share capital Share premium Special reserve Own shares held Retained earnings Total equity
Six months to 30 June '24 £'000
£'000 £'000 £'000 £'000 £'000
At 1 January '24 195 4,868 233 (50) (2,039) 3,207
Foreign currency translation - - - - (7) (7)
Loss for the period - - - - (185) (185)
At 30 June '24 195 4,868 233 (50) (2,231) 3,015
Notes to the financial statements
For the six months ended 30 June 2025
1. General information
SpaceandPeople plc is a limited liability company incorporated and domiciled
in Scotland (registered number SC212277) which is quoted on AIM (ticker: SAL).
This condensed consolidated interim financial information has been reviewed,
but not audited, by the auditors, and their independent review is set out
earlier in this report. It does not constitute statutory accounts as defined
by Section 434 of the Companies Act 2006. The financial information for the 12
months to 31 December 2024 has been extracted from the statutory accounts for
that period. These published accounts were reported on by the auditors without
qualification or an emphasis of matter reference and did not include a
statement under section 498 of the Companies Act 2006 and have been delivered
to the Registrar of Companies.
This condensed consolidated interim financial information was approved by the
board on 12 September 2025.
2. Basis of preparation
This condensed consolidated interim financial information for the six months
ended 30 June 2025 has been prepared in accordance with IAS 34 'Interim
financial reporting'. The condensed consolidated interim financial information
should be read in conjunction with the financial statements of the Group for
the period ending 31 December 2024 which were prepared on a going concern
basis under the historical cost convention in accordance with International
Financial Reporting Standards (IFRS) as adopted by the UK, and those parts of
the Companies Act 2006 applicable to companies reporting under IFRS.
3. Accounting policies
The accounting policies adopted in the preparation of the condensed
consolidated interim financial information are consistent with those applied
in the financial statements of the Group for the year ended 31 December 2024.
Going Concern
The Directors are required to prepare the statutory financial statements on
the going concern basis unless it is inappropriate to presume that the Group
will continue in business. In satisfaction of this responsibility the
Directors have considered the Group's ability to meet its liabilities as they
fall due.
The Group meets its day-to-day cash requirements through working capital
management and the use of existing bank overdrafts and loans. Management
information tools including budgets and cash flow forecasts are used to
monitor and manage current and future liquidity.
The current and future financial position of the Group, including its cash
flows and liquidity, continue to be reviewed by the Directors. They take a
prudent view of the Group's business in light of current inflationary and
other macroeconomic factors impacting on the business, its customers and
suppliers. They have also considered the Group's ability to withstand the loss
of key contracts and any mitigating actions that would be available to them.
The Group has a term loan in place that matures in 2027. Financial covenants
are in place that reflect the current and budgeted trading position.
The Group continues to manage its cash flows prudently and the Directors are
confident that the current resources and available funding facilities will
provide sufficient headroom to meet the forecast cash requirements whilst
remaining within its financial covenants.
As such, the Directors consider that it is appropriate to prepare the
financial statements on the going concern basis.
4. Segmental reporting
The Group splits its business into two main areas, being promotions and
retail. The retail business 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 loss/profitability 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.
UK promotions UK German Head Group
kiosks kiosks office
£'000
£'000 £'000 £'000 £'000
Six months to 30 June '25
Segment revenue
- Agent 2,460 101 - - 2,561
- Principal - 53 1,083 - 1,136
2,460 154 1,083 - 3,697
Segment profit / (loss) before tax 640 154 (83) (667) 44
Six months to 30 June '24
Segment revenue
- Agent 1,780 88 - - 1,868
- Principal - 70 991 - 1,061
1,780 158 991 - 2,929
Segment profit / (loss) before tax 365 132 (9) (698) (210)
12 months to 31 December '24
Revenue
- Agent 4,076 344 - - 4,420
- Principal - 179 2,124 - 2,303
4,076 523 2,124 - 6,723
Segment profit / (loss) before tax 796 523 184 (1,278) 225
5. Goodwill
30 June '25 30 June '24 31 December '24
Net book value £'000 £'000 £'000
Opening and closing balance 5,381 5,381 5,381
6. Property, plant and equipment
30 June '25 30 June '24 31 December '24
Net book value £'000 £'000 £'000
Opening balance 613 560 560
IFRS16 Lease additions 385 20 29
Additions 171 79 321
Disposals (755) - (2,070)
Depreciation released on disposal 748 - 2,070
Depreciation (140) (143) (297)
Closing balance 1,022 516 613
The right of use lease liabilities are secured against the right of use
assets.
7. Cash & cash equivalents
30 June '25 30 June '24 31 December '24
£'000 £'000 £'000
Cash at bank and on hand 1,475 595 1,872
8. Borrowings
At the reporting date the Group had the following borrowings:
30 June '25 30 June '24 31 December '24
£'000 £'000 £'000
Bank loans:
Less than one year 100 322 211
Greater than one year 575 675 625
675 997 836
As at 30 June 2025, SpaceandPeople plc had £0.675 million (2024: £0.997
million) of CBILS term loan expiring in January 2027. The bank facilities are
secured by floating charge over the Group's assets and are subject to interest
of 3.8% plus base. The Group's CBILS term loan is subject to annual and
quarterly rolling covenant tests based on EBITDA performance and the right to
defer settlement of the balances disclosed as greater than one year subject to
compliance with these covenants.
9. Called up share capital
Allotted, issued and fully paid 30 June '25 30 June '24 31 December '24
Class Nominal value
Ordinary 10p £ 195,196 195,196 195,196
Number 1,951,957 1,951,957 1,951,957
10. Earnings per share
Earnings per share (EPS) has been calculated using the profit / loss after
taxation attributable to owners of the company for the period and the weighted
average number of shares in issue.
30 June '25 30 June '24 31 December '24
£'000 £'000 £'000
Profit / (loss) after tax for the period 33 (185) 269
Weighted average number of shares in issue during the period
'000 '000 '000
- Number of shares in issue during the period 1,902 1,902 1,903
- Weighted average number of 10p ordinary shares 1,902 1,902 1,903
- Weighted average number of share options 205 195 195
- Weighted average number of diluted ordinary 10p shares 2,107 2,097 2,098
There are share options outstanding as at the end of each period which, if
exercised, would increase the number of shares in issue. However, in the
period to June '24, there is an anti-dilutive effect and as such the effects
of anti-dilutive potential ordinary shares are ignored in calculating diluted
EPS.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR VLLFFEKLXBBXRecent news on Spaceandpeople
See all newsREG - SpaceandPeople PLC - Interim results - six months ended 30 June 2025
AnnouncementREG - SpaceandPeople PLC - Notification of Major Holding(s)
AnnouncementREG - SpaceandPeople PLC - Holding(s) in Company
AnnouncementREG - SpaceandPeople PLC - Trading Update
AnnouncementREG - SpaceandPeople PLC - Notification of Major Holdings
Announcement