Compelling evidence of recovery
The group provides property owners with ways to capitalise upon the full commercial potential of retail assets. It markets, sells and administers free space in venues including shopping malls, garden and city centres, retail parks and travel hubs (over 750 venues with a weekly footfall of 70m).We think that today’s interims are most reassuring. Last year’s reorganisation cut costs and has improved productivity, a direct result of which is a positive contribution from each division in H1.
More streamlined operations are better placed to profitably deliver services to clients which, based on recent trading, appear to remain highly relevant to retailers and brands. The outlook is underpinned by additions to the client list over the last year, H1 performance and a positive start to the typically stronger second half.
UK promotions (up 20% y-o-y in H1) benefited from reorganised UK sales and progress on the Network Rail contract, and included a 38% increase in Brand Experience activity. German Retail contributed £0.09m profit vs breakeven last year, as it renegotiated rents paid, and achieved higher occupancy rates and average sales.
As recovery continues to take shape and help restore management credibility, it should progressively be matched in the share price and rating. We have held our forecasts from May for now, but regard these as conservative in the context of progress since, and expect to review them as SAL updates on trading. Restoration of the dividend is another important milestone.
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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