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Arena Events declares maiden divi as revenues rise

By BFN News | 07:49 AM | Monday 25 September, 2017


Arena Events Group has declared a maiden dividend following strong progress in line with forecasts for the six months to the end of June. Revenue increased to £51.1m (H1 16: £44.5m) and gross profit rose to £14.7m (H1 16: £14.0m). Adjusted EBITDA (before exceptional costs) was unchanged at £3.4m while operating profit (after exceptional costs) increased to £0.3m (H1 16 £0.2m). Cash generated from operations increased to £7.4m (H1 16: £2.8m). The group declared a maiden interim dividend declared of 0.45p per share. Chief executive Greg Lawless said: 'I am pleased to announce our first set of financial results since we listed on AIM in July and report that the group's six months results were in line with our expectations, demonstrating a steady increase in revenue and gross margins. 'The main season for outdoor events is June to September and as a consequence the group is naturally seasonally weighted towards the second half of the year. 'I am pleased to report that the second half of the year has started well and we remain confident of meeting the market's expectations for the full year. 'This confidence is reflected in the board declaring a maiden interim dividend of 0.45p per share. 'The board continues to focus on the group's strategy of growing the business through a combination of organic and acquisition led growth enabling us to deliver our strategy of becoming a fully integrated product provider to the Events Industry sector.' Story provided by StockMarketWire.com

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