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Arena Events posts wider losses on margin pressure

By BFN News | 10:25 AM | Tuesday 10 September, 2019

Arena Events reported wider losses as gross margin in the Middle East and Asia region moderated offsetting a rise in revenue. For the six months ended 30 June 2019, pre-tax losses widened to £2.3m from £0.3m a year earlier and revenue increased 27% to £70.1m. The group's revenue growth was largely delivered from the acquisitions made in 2018. The company reported a gross margin percentage in the first half of 28.2%, down from 30.4% a year earlier. 'The most significant factor for this change was the normalisation in gross margin in the Middle East and Asia (from 39.9% to 30.4%), as a result a number of high margin, long term rentals and sales projects not repeating in achieved in the first half of 2018 that were absent in H1 2019,' the company said. An interim dividend of 0.25p per share was declared. 'The group's results have historically been second half weighted and the profile for 2019 will be further exaggerated following last year's acquisitions and a higher proportion of secured and identified jobs now phasing into the last quarter of the year,' the company said. At 10:25am: (LON:ARE) Arena Events Group Plc Ord 1p share price was -6.5p at 21.25p Story provided by

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