Update: Core strengthening
Today’s trading update indicates that SpaceandPeople (SAL) has turned the corner after the difficulties in H114. The core UK promotional business ended the year well and normalised group FY14 profits are at the top end of the previous range. The current year should see the benefit of lower overheads, with prospects for better core trading partially offset by a cautious view on Russia. The group is profitable and cash generative, ending 2014 with net cash at £1.5m, 17% of the capitalisation. At 3.9x current year EV/EBITDA, the market is yet to price in any recovery.SpaceandPeople is engaged in the marketing and selling of promotional and retail licensing space on behalf of shopping centres and other venues throughout the U.K. and Germany and also in India. Co.'s segments include promotional sales and retail, and other. Through its subsidiaries, Co. is involved in licensing of intellectual property, media, and leasing of retail merchandising units.
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