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REG - SpaceandPeople PLC - Interim results

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RNS Number : 5356A  SpaceandPeople PLC  26 September 2022

26 September 2022

 

SpaceandPeople plc

("SpaceandPeople" or the "Group")

 

Interim results for the six months ended 30 June 2022

 

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 and other high footfall venues,
announces its interim results for the six months ended 30 June 2022.

 

 

 Highlights

 Financial

 o  Group revenue up 119% to £2.4m (H1 2021: £1.1m) as almost all venues
 were open for business compared with the majority being closed for a large
 part of H1 2021. However, revenue remained below pre-pandemic levels of £3.8m
 in H1 2019

 o  Group gross profit up 91% to £1.5m (H1 2021: profit of £0.8m and H1
 2019: profit of £2.3m)

 o  Significant reduction in adjusted operating loss to £0.3m (H1-2021: loss
 of £1.0m)¹. Reported operating loss of £0.3m comparable with H1 2021

 o  Net cash outflow from operating activities of £0.5m (H1 2021: £0.1m)
 primarily due to reduction in trade creditors

 o  Facility headroom at 30 June 2022 of £1.4m (30 June 2021: £1.5m) which
 has been broadly maintained post period end at £1.6m at 23 September 2022 (23
 September 2021: £1.4m)

 o  Net bank debt as at 30 June 2022 of £1.0m (30 June 2021: £1.1m), with
 bank debt repayments of £0.2m since 30 June 2021

 Operational

 o  Recovery in brand experience and strong recovery in retail markets as
 pandemic lockdowns ended in quarter one in the UK

 o  New and unique, full-service, kiosk retailing programme "Rock Up and Pop
 Up" launched in UK shopping centres to encourage and enable new retailers into
 venues

 o  Launched "Experiential Space" website(www.experientialspace.co.uk
 (http://www.experientialspace.co.uk/) ), giving promoters enhanced online
 access to venue information and chat function to allow comparison of sites on
 offer and facilitate faster bookings

 o  German business fully operational since April 2022 following the end of
 Covid-19 restrictions

 ¹ £nil adjustment for pandemic governmental support in H1 2022 (H1 2021:
 £0.7m)

 

 

Contact details:

   SpaceandPeople Plc                                 0845 241 8215
    Nancy Cullen, Gregor Dunlay
 Zeus Capital Limited (Nominated Adviser and Broker)  0203 829 5000
 David Foreman, Jamie Peel, Ed Beddows

Chief Executive's Interim Operating Statement

 

I am delighted to be presenting the 2022 interim results for SpaceandPeople
that show significant recovery and improvement in our trading following the
exceptionally challenging market conditions caused by the pandemic during the
first half periods in 2021 and 2020. Although we started 2022 with some
restrictions still in place, they did not impact our trading to the extent
that lockdowns had in the past and our ability to hit the ground running
shortly after our markets re-opened, helped us to drive increased revenue and
perform well without ongoing government support. As well as reinvigorating our
existing business, we have pressed ahead with product innovation and
recruitment of sales staff to enable us to continue our recovery towards
pre-pandemic levels and beyond.

 

When comparing H1 2022 with H1 2021 there is a notable upswing in revenue (up
119%), but of course our business remained badly affected by lockdowns in
2021, affecting January until April in the UK and January until June in
Germany. This year also got off to a slow start, with the threat of Covid
remaining high in January in both the UK and Germany. As a result, footfall at
all our venues was slow to recover during this period and for a few months
afterward. Despite the recovery in revenue to £2.4m, there is still some way
to go to get back to the £3.8m of revenue we generated in H1 2019 and beyond.

 

It is also important to note that, statutory Group operating loss results do
not during the review period, provide an accurate portrayal of the progress
made by the business. These reported results show a small deterioration in
losses made, but if adjusting for the £0.7m of Government grant and salary
support received last year, which was not repeated in H1-2022, true
operational progress is considerably more apparent.

 

As a business we are focusing our efforts on keeping costs down but also
ensuring that the majority of our cost base is client facing (both venue and
space buyers).  Over the past six months we have recruited sales staff back
up to 2019 levels but have kept overall costs down from £1.8m (H1 2019) to
£1.6m (H1 2022).

 

Trading

 

Retail

 

As we found following our emergence from previous lockdown periods, it was our
retail business that was the first to recover, with strong demand from many
existing retailers and some new retail concepts, such as pet related and
homeware products being high on the list of new retailers to trial our venues.
Much of our focus this year has been in looking at ways in which we can bring
new retailers into venues, that align closely with our property clients'
wishes to add vitality, improve quality and bring a point of difference to
their venues. It was during H1 2022, that we invested in resource to develop
our new programme of Retail Kiosks and associated services known as "Rock Up
and Pop Up".

 

Rock Up and Pop Up is an evolutionary step for SpaceandPeople, aimed at
offering a more comprehensive retail service to nascent retailers who want to
trial physical retailing, but who have been unable to access resource in terms
of high-quality kiosks, staffing, business planning and merchandising
expertise, all of which we are able to offer. The H1 2022 results reflect some
initial investment in this programme, but no revenue as yet. This programme
aims to complement and ultimately evolve the current RMU programme towards a
more comprehensive service for retailers and a significantly more vibrant,
high-quality offering for our venues. The first kiosk for Rock Up and Pop Up
was HeartScent who retail gifts and homeware and this was placed into Braehead
Shopping Centre near Glasgow in May 2022.

 

Brand Experience

 

Our Brand Experience business has been slower to return, with confidence
levels regarding brands' willingness to engage in face-to-face interaction
only returning to almost pre pandemic levels over this summer.  Initially,
activity focussed on food and drink sampling (such as Alpro, Eat Natural,
Kind, Evian. Ocean Spray) and on food delivery (including Tesco, Gorillas,
Grubby, Hello Fresh and Graze). It is encouraging to note whilst I write this
report, that the summer return to activity looks set to continue and that
engagement and the ability for brands to create and support social media
outreach with high quality and entertaining activity is still a very viable
and relevant media. We have also invested in this area with the launch of our
online listing platform for venues. The website, www.experientialspace.co.uk
(http://www.experientialspace.co.uk) , is SpaceandPeople's venue database,
which enables agencies and brands to browse a comprehensive listing of indoor
and outdoor venues and to compare and contrast demographics, spaces sizes and
weekly footfall. The website also features live chat as well as email and
phone access to our staff.

 

Local promotions and customer acquisition

 

Local promotions and customer acquisition business has been relatively more
affected as a result of a slowdown in bookings from the charity sector and
issues across the board for acquisition companies due to the availability of
staff. Whilst this is a much smaller part of our overall business, it is still
creating a drag on revenue. Whilst we anticipate a slight uplift in this
business during the second half of 2022, we do not anticipate a quick return
to pre-pandemic revenue levels.

 

Germany

 

In Germany, we faced a completely different set of challenges. Restrictions
remained in place (mask wearing in all shops and proof of vaccination needing
to be shown in many public places) until April 2022 and revenue, although
significantly better than H1 2021 (H1 2022: £0.58m compared with H1 2021:
£0.09m), still reflects a more challenging trading environment. The German
business is now fully back up and running and we look forward to a better
second half, as we rollout new concept food kiosks as well as developing the
existing business.

 

Outlook

 

It is good to see footfall returning to our venues in the post Covid period
with shopping centres reporting footfall levels of at least 80% of pre-Covid
levels. Footfall at railway stations is also coming back and we anticipate the
continuing return of commuters over the next six months as the desire and
opportunity to work from home continues to wane.

 

We are not, however, immune to the wider issues that are currently affecting
the UK and German economies. Although Group second half performances will
remain stronger than first halves, we anticipate that higher energy costs and
inflation will have an effect on discretionary spending in the run up to
Christmas. We are, however, a resilient business with diverse income streams.
We have traded successfully through economically challenging conditions in the
past and I have every confidence that we will continue to do so.

 

Overall, therefore, I am pleased with the Group's performance for this period.
The business has rebuilt successfully post Covid and continues to see growth
across all sectors. We are keen to support our property partners, observing
market trends and supporting their development and we will continue to invest
in additional staff recruitment and development as we evolve our products and
services to better meet the new challenges facing the retail sector.

 

With our business focus in mind, I would also like to add that I am delighted
to welcome John Scott onto our Board as a non-executive director. John has
extensive experience and understanding of the retail sector having worked in
senior international management positions as well as providing consultancy
services through his own businesses. John therefore joins us with a deep
understanding of our business and the challenges and opportunities that exist
and he will support and challenge the executive team to develop and build the
work of the retail division in both the UK and internationally.

During August 2022, SpaceandPeople announced that it has established
the SpaceandPeople plc Employee Benefit Trust (the "EBT") for the benefit of
current and future employees. The EBT will act independently of the Company
and is expected to make market purchases of the ordinary shares of
SpaceandPeople in order to, among other things, satisfy current and potential
future option exercises of vested options granted pursuant to share option
agreements. The EBT will be funded by way of a loan from SpaceandPeople
and the Board believes that the formation of the EBT will help in attracting
new talent and incentivising existing members of the management team.

With the launch of and investment in Rock Up and Pop Up as well as our new
experiential website, www.experientialspace.co.uk, we have developed
innovative new services that support our two key revenue streams; Brand
Experience and Pop-up Retail, and we are aiming for these to contribute to and
stimulate our growth over the coming years. SpaceandPeople has the ability to
deliver the most comprehensive portfolio of spaces for brands and retailers to
research, launch and showcase their products. By developing new marketing
platforms to promote our venues, combined with new retail delivery options, we
will continue to expand and dominate this sector.

 

 

 

Nancy Cullen

26 September 2022

 

Independent Auditor's Review Report on Interim Financial Information

 

Conclusion

We have reviewed the accompanying balance sheet of Spaceandpeople plc as of
June 30, 2022 and the related statements of income, changes in equity and cash
flows for the six-month period then ended, and a summary of significant
accounting policies and other explanatory notes.

 

Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim financial information does not present
fairly, in all material respects the financial position of the entity as at
June 30, 2022, 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".

 

Basis for Conclusion

We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK), "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity". 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 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.

 

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 management have
inappropriately adopted the going concern basis of accounting or that
management 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
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.

 

Responsibilities of directors

Management is 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 half-yearly financial 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

In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statement in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.

 

 

 

 

 

Azets Audit Services

Chartered Accountants

Statutory Auditors

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

 

Date:  23 September 2022

Consolidated Group Statement of Comprehensive Income

For the six months ended 30 June 2022

 

                                                                    Notes                               6 months to   30 June '22        6 months to 30 June '21      12 months to   31 December '21

                                                                                                        (Unaudited)                      (Unaudited)                  (Audited)

                                                                                                        £'000                            £'000                        £'000

 Revenue                                                            4                                   2,413                            1,102                        4,020

 Cost of sales                                                                                          (869)                            (292)                        (1,211)

 Gross profit                                                                                           1,544                            810                          2,809

 Administration expenses                                                                                (1,996)                          (1,765)                      (3,456)
 Other operating income                                                                                 132                              704                          800

 Operating (loss)/profit                                                                                (320)                            (251)                        153

 Finance costs                                                                                          (57)                             (15)                         (78)

 (Loss)/profit before taxation                                                                          (377)                            (266)                        75

 Taxation                                                                                               66                               124                          97

 Loss after taxation                                                                                    (311)                            (142)                        172

 Profit / (loss) from discontinued operation                                                            -                                12                           12

 (Loss) / profit for the period

                                                                                                        (311)                            (130)                        184

 Other comprehensive income
 Foreign exchange differences on translation of foreign operations                                      11                               3                            (38)
 Total comprehensive (loss)/income for the period                                                       (300)                            (127)                        146

 

 

 Earnings/(loss) per share  10

 Basic                            (16.0)p     (6.5)p*     9.4p*

 Diluted                          (16.0)p     (6.5)p*     8.9p*

 *Restated

 

 

Consolidated Group Statement of Financial Position

At 30 June 2022

 

                                        Notes      30 June '22       30 June '21       31 December '21

                                                   (Unaudited)       (Unaudited)        (Audited)

                                                   £'000             £'000             £'000
 Assets
 Non-current assets:
 Goodwill                               5          6,881             6,881             6,881
 Property, plant & equipment            6          640               851               690

 Deferred tax                                      364               323               297
                                                   7,885             8,055             7,868
 Current assets:
 Trade & other receivables                         2,134             1,862             2,196

 Current tax receivable                            -                 173               6
 Cash & cash equivalents                7          618               760               1,380
                                                   2,752             2,795             3,582

 Total assets                                      10,637            10,850            11,450

 Liabilities
 Current liabilities:
 Trade & other payables                            3,999             3,709             4,339

 Lease liabilities                                 176               207               189

 Borrowings repayable within one year   8          322               247               297
                                                   4,497             4,163             4,825
 Non-current liabilities:
 Lease liabilities                                 284               490               308
 Borrowings repayable after one year    8          1,320             1,639             1,481
                                                   1,604             2,129             1,789

 Total liabilities                                 6,101             6,292             6,614

 Net assets                                        4,536             4,558             4,836

 Equity
 Share capital                          9          195               195               195
 Share premium                                     4,868             4,868             4,868
 Special reserve                                   233               233               233
 Retained earnings                                 (760)             (738)             (460)

 Total equity                                      4,536             4,558             4,836

 

 

Consolidated Group Statement of Cash Flows

For the six months ended 30 June 2022

 

                                                        Notes      6 months to   30 June '22        6 months to   30 June '21         12 months to                31 December '21

                                                                   (Unaudited)                      (Unaudited)                       (Audited)

                                                                   £'000                            £'000                             £'000
 Cash flow from operating activities
 Cash outflow from operations                                      (418)                            (127)                             680
 Interest paid                                                     (57)                             (15)                              (78)
 Taxation                                                          5                                11                                177
 Net cash (outflow) / inflow from operating activities             (470)                            (131)                             779

 Cash flows from investing activities

 Purchase of property, plant & equipment                6          (62)                             (23)                              (80)
 Disposal of property, plant & equipment                6          68                               -                                 -
 Net cash inflow / (outflow) from investing activities             6                                (23)                              (80)

 Cash flows from financing activities
 Bank loans drawn                                       8          -                                1,000                             1,000

 Bank loans repaid                                      8          (137)                            (864)                             (972)
 Payment of finance lease obligations                              (161)                            (61)                              (186)
 Net cash (outflow) / inflow from financing activities             (298)                            75                                (158)

 (Decrease) / increase in cash and cash equivalents                (762)                            (79)                              541
 Cash at beginning of period                                       1,380                            839                               839
 Cash at end of period                                  7          618                              760                               1,380

 

 

 Reconciliation of operating profit to net cash flow from operating activities
 Operating (loss) / profit                                                              (320)      (251)      153
 Gain/ (loss) on disposal                                                               -          12         (28)
 Depreciation of property, plant & equipment                                            167        208        375
 Effect of foreign exchange rate moves                                                  13         3          (33)
 Decrease / (increase) in receivables                                                   62         128        (271)
 (Decrease) / increase in payables                                                      (340)      (227)      484
 Cash flow from operating activities                                                    (418)      (127)      680

 

 

 

Consolidated Group Statement of Changes in Equity

For the six months ended 30 June 2022

 

                               Share capital             Share premium      Special reserve        Retained earnings      Non-controlling      Total equity

 Six months to 30 June '22                                                                                                Interest

                               £'000                     £'000              £'000                  £'000                  £'000                £'000

 At 1 January '22              195                       4,868              233                    (460)                  -                    4,836
 Foreign currency translation            -               -                  -                      11                     -                    11
 Loss for the period                     -               -                  -                      (311)                  -                    (311)
 At 30 June '22                195                       4,868              233                    (760)                  -                    4,536

 

                               Share capital             Share premium      Special reserve        Retained earnings      Non-controlling      Total equity

 Six months to 30 June '21                                                                                                Interest

                               £'000                     £'000              £'000                  £'000                  £'000                £'000

 At 1 January '21              195                       4,868              233                    (587)                  (24)                 4,685
 Foreign currency translation            -               -                  -                      3                      -                    3
 Loss for the period                     -               -                  -                      (130)                  -                    (130)

 Other movement                                                                                    (24)                   24                   -
 At 30 June '21                195                       4,868              233                    (738)                  -                    4,558

 

 

 

Notes to the financial statements

For the six months ended 30 June 2022

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 2021 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 23 September 2022.

 

2.               Basis of preparation

 

This condensed consolidated interim financial information for the six months
ended 30 June 2022 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 2021 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 2021.

 

Reclassification

 

In the interim period to 30 June 2021, the Group inaccurately presented
certain grant income within Administrative expenses. As such, an adjustment
has been processed to classify this appropriately in the comparative figures
presented. As a result, Administrative expenses and other operating income
have both increased by £252,000 from the previous interim report presented
for the period to 30 June 2021. There is no impact to the reported loss before
tax , cash or any other figures presented.

 

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 overdraft and loan. 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, its cash flows and liquidity position
continue to be reviewed by the Directors. They take a prudent view on the
continuing recovery in the Group's business post covid lockdowns and have
stress tested these assumptions to ensure that cash flows and liquidity are
sufficiently robust to allow the Group to continue to trade during this
period.

 

The Group has term loans in place that mature in 2025 and 2027 along with
overdraft facilities available until 2024. Covenants are in place that reflect
the current trading position and a reasonable forecasted view of the Group's
financial performance.

 

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. The
Group's current and long-term forecast outlook has provided further assurance
to the Directors regarding its financial position.

 

Accordingly, the Directors consider that it is appropriate to prepare the
financial statements on the going concern basis.

 

4.               Segmental reporting

 

The Group maintains its head office in Glasgow and an office in Hamburg,
Germany. These are reported separately. In addition, the retail business, now
trading as POP Retail, has a subsidiary in Germany. The Group has determined
that these are the principal operating segments as the performance of these
segments is monitored separately and reviewed by the board.

 

The following table presents revenue and profit and loss information regarding
the Group's two business segments - Promotional Sales and Retail, split by
geographic area. The Other segment represents the Group's previous investment
in SpaceandPeople India. Segment profit / (loss) before tax below is presented
after including discontinued operations.

                                                                       Promotions  Retail   Retail    Head     Other    Group

                                                                       UK           UK      Germany   Office

                                                                       £'000       £'000    £'000     £'000    £'000    £'000
 Six months to 30 June '22
 Revenue                                                               1,222       609      582       -        -        2,413
 Segment (loss) / profit before tax                                    244         16       (32)      (605)    -        (377)

 Six months to 30 June '21
 Revenue                                                               769         233      100       -        -        1,102
 Segment (loss) / profit before tax including discontinued operations  151         (105)    74        (386)    12       (254)

 12 months to31 December '21
 Revenue                                                               2,132       1,022    866       -        -        4,020
 Segment profit / (loss) before tax including discontinued operations  655         62       131       (773)    12       87

 

5.               Goodwill

 

                              30 June '22  30 June '21  31 December '21

 Net book value               £'000        £'000        £'000

 Opening and closing balance  6,881        6,881        6,881

 

 

6.                Property, plant and equipment

                         30 June '22  30 June '21  31 December '21

 Net book value          £'000        £'000        £'000
 Opening balance         690          1,028            1,028
 IFRS16 Lease additions  123          8            8
 Additions               62           23           90
 Forex                   -            -            (5)
 Disposals               (68)         -            (56)
 Depreciation            (167)        (208)        (375)
 Closing balance         640          851          690

 

The right of use lease liabilities are secured against the right of use
assets.

 

 

7.                Cash & cash equivalents

                           30 June '22  30 June '21  31 December '21

                           £'000        £'000        £'000

 Cash at bank and on hand  618          760          1,380

 

 

8.                   Borrowings

At the reporting date the Group had the following borrowings:

 

                        30 June '22  30 June '21  31 December '21

                        £'000        £'000        £'000
 Bank loans:
 Less than one year     322          247          297
 Greater than one year  1,320        1,639        1,481
                        1,642        1,886        1,778

 

As at 30 June 2022, SpaceandPeople plc had £1.64 million (2021: £1.89
million) of CBILS term loans, £0.66 million of which expire in April 2025 and
£0.98 million expire in January 2026. SpaceandPeople plc also had £0.75
million of overdraft facilities of which £nil was used as at 30 June 2022
(2021: £50k). The bank facilities are secured by floating charge over the
Group's assets and are subject to interest between 3.25% to 3.8% plus base.

 

9.                   Called up share capital

 

 Allotted, issued and fully paid          30 June '22  30 June '21  31 December '21

 Class        Nominal value
 Ordinary     1p             £            -            195,196      195,196
                             Number       -            19,519,563   19,519,563
 Class        Nominal value
 Ordinary     10p            £            195,196      -            -
                             Number       1,951,957    -            -

On 7 June 2022, at the Company's annual general meeting, shareholders approved
the consolidation of the Company's ordinary share capital, resulting in every
10 existing ordinary shares of 1 pence each being consolidated into 1 new
ordinary share of 10 pence each. The Company's issued share capital now
consists of 1,951,957 Ordinary Shares with one voting right each. The Company
does not hold any ordinary shares in treasury. Therefore, the total number of
ordinary shares and voting rights in the Company is 1,951,957. There is no
change to the pound sterling value as a result of the share consolidation.

 

10.                Earnings per share

 

Earnings per share (EPS) has been calculated using the loss after taxation
attributable to owners of the company for the period and the weighted average
number of shares in issue.

 

                                                                                 30 June '22  30 June '21  31 December '21

                                                                                 £'000        £'000        £'000

 (Loss) / profit after tax for the period attributable to owners of the Company  (311)        (130)        184

 Discontinued operation                                                          -            (12)         (12)

 (Loss) / profit after tax for the period before non-recurring costs             (311)        (142)        172
 attributable to owners of the Company

 Weighted average number of shares in issue during the period

                                                                                 '000         '000         '000
 -           10p ordinary shares                                                 1,952        -            -

 -           1p ordinary shares                                                  -            19,520       19,520
 -           Share options                                                       -            -            1,232
 -           Diluted ordinary 10p shares                                         1,952        -            -
 -           Diluted ordinary 1p shares                                          -            19,520       20,752
 Adjusted weighted average for impact of share consolidation                     1,952        1,952        2,075

The weighted average number of ordinary shares is adjusted retrospectively for
all periods presented for any change in the number of number shares
outstanding without a corresponding change in resources. Accordingly, basic
and diluted EPS has been restated for the comparative periods to 30 June 2021
and 31 December 2021.

In the period to 30 June 2022 and 30 June 2021, 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 these periods, there is an
anti-dilutive effect and as such the effects of anti-dilutive potential
ordinary shares are ignored in calculating diluted EPS.

 

 

11.                Post reporting date events

 

In August 2022, SpaceandPeople PLC established an Employee Benefit Trust for
the benefit of its current and future employees and subsequently granted
76,000 new share options to the company's executive directors and other
employees.

 

In September 2022, the group appointed Mr John Scott as an Independent
Non-Executive Director to its Board.

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.   END  IR SEWFIIEESESU

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