- Profits came in at £4.1m in six months and £3.3m in 2020. suffered a loss
- Groups excited by return of events like Olympics and Ryder Cup
Arena Events Group The six months to 30 September saw a rise in its revenue and profit as large-scale events returned after the pandemic halted.
The group’s revenue increased to £82.5million from £42.8m last year, while operating profit came in at £4.1million, compared to a loss of £3.3million at the same point a year earlier.
Shares of the AIM-listed group fell in morning trade and are currently down 1.46 per cent, or 0.30p, to 20.20p. A year ago the share price was 10.60p.
Event: Arena Events Group sees its revenue and profit increase in the six months to 30 September
The company manufactures temporary physical structures, seating areas, ice rinks, furniture and interiors.
It has operations in Europe, the Americas, the Middle East and Asia, and current clients include The Championships, Wimbledon; open; jockey Club; PGA European Tour; and the Ryder Cup.
In October, Arena revealed that it had accepted a takeover offer from a Middle Eastern consortium that would value the company at £71 million.
Theta Consortium is made up of International Holding Company, an Abu Dhabi-based publicly listed investor, and Tasheel, a Saudi Arabia-based holding company. They will have 70 per cent and 30 per cent of the temporary seating specialist, respectively.
Tashil, who already owns a 23.9 percent stake in the company, is said to have been ‘key’ in growing Arena’s business in Saudi Arabia, largely by increasing the number of cultural and sporting events. Used to be.
The group said its guidance for a ‘transition year’ remained on track as ‘many markets continued to return to pre-pandemic levels’.
It added: ‘H1 FY22 has benefited from a number of major major periodic events such as the Olympics and the Ryder Cup, as well as the long tail of projects related to the pandemic and other relief works expected to be offset by inflationary pressures and is more. Tight labor market.’
Group Chief Executive Greg Lawless said: ‘As we reported back in July, FY22 is expected to be a transitional year for the Group, as COVID-19 restrictions are lifted at different rates in each country. in which we work. Different pace of recovery in the live event industry in each market.’
He added: ‘Despite the strong H1, it is worth noting that the second half of our fiscal year is always much quieter seasonally than the first, and will most likely follow that pattern again this year, Especially in the US market where COVID-19 and other relief operations continue to decline.