Back on track
SpaceandPeople helps asset owners commercialise public space within their portfolios. It acts as a middle man between one group, a client base of retail and other commercial property landlords, and another being retailers and brand owners. After a testing start a stronger second half resulted in pre-tax profit at the top end of guidance. H214 saw an underlying pick-up in core businesses and the initial benefit of action taken to streamline operations. The full impact of the latter will be seen this year. Adjusted operating profit was £1.14m (FY13: £2.28m) excluding non-recurring costs. Profit before tax, adding back non-recurring costs, less minorities was £1.01m (FY13: £2.62m). We expect £1.24m this year, with some improvement in margins from cost cuts, although the y-o-y comparison is skewed by a different sales mix - as in FY14 - due to notably faster growth from S&P+ relative to other components of the group. We see potential for stepped growth in the rebased dividend over the next two years, well covered by earnings growth even based upon our conservative growth forecasts. Positive newsflow over the next six to 12 months would add to the momentum. Amendment - updated note which contains a small upwards amendment to our previously published adjusted profit and EPS forecasts. This does not affect our underlying investment case.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.
Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.
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