SpaceandPeople plc Reports Strong Growth in 2024 Annual Results
Why we think this is very good
The financial results for SpaceandPeople plc in 2024 show robust growth across key metrics. Revenue increased by 15% to £6.7 million, while operating profit surged by 33% to £0.3 million. The company's Basic Earnings per Share saw an impressive 81% increase to 14.1p. Importantly, the company has maintained a strong cash position of £1.9 million while reducing debt, resulting in a 46% increase in net cash to £1.04 million. The renewal of major contracts with Network Rail and ECE provides a solid foundation for future growth. With no apparent headwinds or challenges mentioned, and a positive outlook for 2025, the company appears well-positioned for continued success.
Key Points
- Revenue increased by 15% to £6.7 million
- Operating profit up 33% to £0.3 million
- Basic Earnings per Share rose 81% to 14.1p
- Cash stable at £1.9 million, with net cash up 46% to £1.04 million
- Debt reduced by £322k
- New 5-year Network Rail contract secured
- ECE contract in Germany extended for 5 years
- UK Brand Experience revenue up 36%
- 26 Rock Up and Pop Up kiosks operating in 14 venues
- German retail revenue grew 16% to £2.12 million
Summary
SpaceandPeople plc has delivered a strong performance in 2024, with revenue up 15% to £6.7 million and operating profit increasing 33% to £0.3 million. The company's Basic Earnings per Share rose by 81% to 14.1p, reflecting significant bottom-line growth. Financial stability is evident with cash at £1.9 million and net cash up 46% to £1.04 million after further debt reduction. Strategically, the company secured important contract renewals, including a 5-year deal with Network Rail and an extension with ECE in Germany. The UK promotions business saw 17% growth, while German retail revenue increased by 16%. Looking ahead, SpaceandPeople is focused on expanding its Rock Up and Pop Up retail concept and exploring growth opportunities in Europe.