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Arena Events slashes losses as revenues jump 23%

By BFN News | 09:30 AM | Wednesday 19 September, 2018


Arena Events reported Wednesday a sharp reduction in losses as revenues jumped by nearly quarter even as the company ramped up acquisitions. For the six months ended 30 June, pre-tax losses were £0.2m, compared with losses of £3.2m a year earlier, and revenue increased by 23% to £54.9m. Adjusted EBITDA grew by 52% to £3.5m from £2.3m. The group proposed an interim dividend of 0.5p a share, up from 0.45p a share last year. The company completed the acquisitions of Ironmonger Events in Hong Kong, Stuart Event Rentals in the US, and agreed to acquire TGP in Dubai. 'I am delighted with the progress we have made in the first half of the year. To grow revenue by 23% (19% on a like for like basis) whilst also completing three acquisitions, with two more completed after the period end, is a very solid performance' said Greg Lawless, CEO. 'These robust first half results put us in a strong position and gives us confidence to deliver on full year expectations.' At 9:30am: (LON:ARE) Arena Events Group Plc Ord 1p share price was -1.5p at 71p Story provided by StockMarketWire.com

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