Paragon Entertainment Limited Trading Update (8880B)
12 6월 2019 - 3:00PM
UK Regulatory
TIDMPEL
RNS Number : 8880B
Paragon Entertainment Limited
12 June 2019
Date: 12 June 2019
On behalf Paragon Entertainment Limited ("Paragon" or "the
of: Company")
Paragon Entertainment Limited
Trading Update
Paragon Entertainment Limited (AIM: PEL), the attractions
design, production and fit-out business, provides an update on the
financial performance of the Company for the year ended 31 December
2018 ("FY 2018") and revised guidance on the expected financial
performance of the Company for the six months ending 30 June 2019
("H1 2019").
During the Audit of the FY 2018 financial statements it has
become apparent that following the adoption of IFRS 15, some
revenue (and therefore the profits associated with that revenue)
that was previously expected to be recognisable in FY 2018 will now
be recognised in FY 2019. This mainly relates to a shift in the
programme and therefore revenue/profit recognition regarding the
Company's Kidzania Abu Dhabi project.
Therefore the Company provides the following update to the
guidance previously notified in the Trading Update dated 6 March
2019:
Previous guidance Revised guidance
Revenue GBP8.8m to GBP9.2m GBP9.0m
------------------- -----------------
EBITDA loss GBP2.3m to GBP2.5m GBP2.7m
------------------- -----------------
Loss before tax GBP2.5m to GBP2.7m GBP3.0m
------------------- -----------------
As a result of the shift in revenue and profit recognition
referred to above, the Board now expects revenue for H1 2019 to be
between GBP6.5-7m with similar revenue expected in H2 2019. EBITDA
for H1 2019 is expected to be GBP0.3m.
The Board continues to look at opportunities to reduce the cost
base of the Company with a view to reducing long term overheads and
to increase future profitability.
For further information:
Paragon Entertainment Limited
Mark Taylor (Chairman)
Damien Latham (CEO)
finnCap Ltd 01904 608020
Julian Blunt / Simon Hicks (corporate
finance)
Alice Lane (corporate broking) 020 7220 0500
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014
About Paragon
Paragon Entertainment Limited (AIM:PEL) is the holding company
for Paragon Creative whch is one of the largest experiential design
and build business in Europe serving museums, theme parks, retail,
aquarium & zoological, FEC and science centres across the
globe.
Paragon's projects have included:
-- The build of Rolling Stones Exhibitionism at the Saatchi Gallery, London;
-- The design and build of Kidzania, Abu Dhabi & London;
-- The design and build of the Olympic Museum in Lausanne, Switzerland;
-- The design and build of the Dig It concepts worldwide;
-- The design and build of Titanic Belfast; and
-- The design and build of Motiongate and Lionsgate theme parks in the UAE.
Paragon listed on AIM in 2011.
Further information can be found at:
http://www.paragonent.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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