TIDMSAL
RNS Number : 5356A
SpaceandPeople PLC
26 September 2022
26 September 2022
SpaceandPeople plc
("SpaceandPeople" or the "Group")
Interim results for the six months ended 30 June 2022
SpaceandPeople (AIM:SAL), the retail, promotional and brand
experience specialist which facilitates and manages the sale of
promotional and retail merchandising space in shopping centres and
other high footfall venues, announces its interim results for the
six months ended 30 June 2022.
Highlights
Financial
o Group revenue up 119% to GBP2.4m (H1 2021: GBP1.1m) as
almost all venues were open for business compared with the
majority being closed for a large part of H1 2021. However,
revenue remained below pre-pandemic levels of GBP3.8m in
H1 2019
o Group gross profit up 91% to GBP1.5m (H1 2021: profit
of GBP0.8m and H1 2019: profit of GBP2.3m)
o Significant reduction in adjusted operating loss to GBP0.3m
(H1-2021: loss of GBP1.0m) (1) . Reported operating loss
of GBP0.3m comparable with H1 2021
o Net cash outflow from operating activities of GBP0.5m
(H1 2021: GBP0.1m) primarily due to reduction in trade creditors
o Facility headroom at 30 June 2022 of GBP1.4m (30 June
2021: GBP1.5m) which has been broadly maintained post period
end at GBP1.6m at 23 September 2022 (23 September 2021:
GBP1.4m)
o Net bank debt as at 30 June 2022 of GBP1.0m (30 June 2021:
GBP1.1m), with bank debt repayments of GBP0.2m since 30
June 2021
Operational
o Recovery in brand experience and strong recovery in retail
markets as pandemic lockdowns ended in quarter one in the
UK
o New and unique, full-service, kiosk retailing programme
"Rock Up and Pop Up" launched in UK shopping centres to
encourage and enable new retailers into venues
o Launched "Experiential Space" website( www.experientialspace.co.uk
), giving promoters enhanced online access to venue information
and chat function to allow comparison of sites on offer
and facilitate faster bookings
o German business fully operational since April 2022 following
the end of Covid-19 restrictions
(1) GBPnil adjustment for pandemic governmental support
in H1 2022 (H1 2021: GBP0.7m)
Contact details:
SpaceandPeople Plc 0845 241 8215
Nancy Cullen, Gregor Dunlay
Zeus Capital Limited (Nominated Adviser
and Broker) 0203 829 5000
David Foreman, Jamie Peel, Ed Beddows
Chief Executive's Interim Operating Statement
I am delighted to be presenting the 2022 interim results for
SpaceandPeople that show significant recovery and improvement in
our trading following the exceptionally challenging market
conditions caused by the pandemic during the first half periods in
2021 and 2020. Although we started 2022 with some restrictions
still in place, they did not impact our trading to the extent that
lockdowns had in the past and our ability to hit the ground running
shortly after our markets re-opened, helped us to drive increased
revenue and perform well without ongoing government support. As
well as reinvigorating our existing business, we have pressed ahead
with product innovation and recruitment of sales staff to enable us
to continue our recovery towards pre-pandemic levels and
beyond.
When comparing H1 2022 with H1 2021 there is a notable upswing
in revenue (up 119%), but of course our business remained badly
affected by lockdowns in 2021, affecting January until April in the
UK and January until June in Germany. This year also got off to a
slow start, with the threat of Covid remaining high in January in
both the UK and Germany. As a result, footfall at all our venues
was slow to recover during this period and for a few months
afterward. Despite the recovery in revenue to GBP2.4m, there is
still some way to go to get back to the GBP3.8m of revenue we
generated in H1 2019 and beyond.
It is also important to note that, statutory Group operating
loss results do not during the review period, provide an accurate
portrayal of the progress made by the business. These reported
results show a small deterioration in losses made, but if adjusting
for the GBP0.7m of Government grant and salary support received
last year, which was not repeated in H1-2022, true operational
progress is considerably more apparent.
As a business we are focusing our efforts on keeping costs down
but also ensuring that the majority of our cost base is client
facing (both venue and space buyers). Over the past six months we
have recruited sales staff back up to 2019 levels but have kept
overall costs down from GBP1.8m (H1 2019) to GBP1.6m (H1 2022).
Trading
Retail
As we found following our emergence from previous lockdown
periods, it was our retail business that was the first to recover,
with strong demand from many existing retailers and some new retail
concepts, such as pet related and homeware products being high on
the list of new retailers to trial our venues. Much of our focus
this year has been in looking at ways in which we can bring new
retailers into venues, that align closely with our property
clients' wishes to add vitality, improve quality and bring a point
of difference to their venues. It was during H1 2022, that we
invested in resource to develop our new programme of Retail Kiosks
and associated services known as "Rock Up and Pop Up".
Rock Up and Pop Up is an evolutionary step for SpaceandPeople,
aimed at offering a more comprehensive retail service to nascent
retailers who want to trial physical retailing, but who have been
unable to access resource in terms of high-quality kiosks,
staffing, business planning and merchandising expertise, all of
which we are able to offer. The H1 2022 results reflect some
initial investment in this programme, but no revenue as yet. This
programme aims to complement and ultimately evolve the current RMU
programme towards a more comprehensive service for retailers and a
significantly more vibrant, high-quality offering for our venues.
The first kiosk for Rock Up and Pop Up was HeartScent who retail
gifts and homeware and this was placed into Braehead Shopping
Centre near Glasgow in May 2022.
Brand Experience
Our Brand Experience business has been slower to return, with
confidence levels regarding brands' willingness to engage in
face-to-face interaction only returning to almost pre pandemic
levels over this summer. Initially, activity focussed on food and
drink sampling (such as Alpro, Eat Natural, Kind, Evian. Ocean
Spray) and on food delivery (including Tesco, Gorillas, Grubby,
Hello Fresh and Graze). It is encouraging to note whilst I write
this report, that the summer return to activity looks set to
continue and that engagement and the ability for brands to create
and support social media outreach with high quality and
entertaining activity is still a very viable and relevant media. We
have also invested in this area with the launch of our online
listing platform for venues. The website,
www.experientialspace.co.uk , is SpaceandPeople's venue database,
which enables agencies and brands to browse a comprehensive listing
of indoor and outdoor venues and to compare and contrast
demographics, spaces sizes and weekly footfall. The website also
features live chat as well as email and phone access to our
staff.
Local promotions and customer acquisition
Local promotions and customer acquisition business has been
relatively more affected as a result of a slowdown in bookings from
the charity sector and issues across the board for acquisition
companies due to the availability of staff. Whilst this is a much
smaller part of our overall business, it is still creating a drag
on revenue. Whilst we anticipate a slight uplift in this business
during the second half of 2022, we do not anticipate a quick return
to pre-pandemic revenue levels.
Germany
In Germany, we faced a completely different set of challenges.
Restrictions remained in place (mask wearing in all shops and proof
of vaccination needing to be shown in many public places) until
April 2022 and revenue, although significantly better than H1 2021
(H1 2022: GBP0.58m compared with H1 2021: GBP0.09m), still reflects
a more challenging trading environment. The German business is now
fully back up and running and we look forward to a better second
half, as we rollout new concept food kiosks as well as developing
the existing business.
Outlook
It is good to see footfall returning to our venues in the post
Covid period with shopping centres reporting footfall levels of at
least 80% of pre-Covid levels. Footfall at railway stations is also
coming back and we anticipate the continuing return of commuters
over the next six months as the desire and opportunity to work from
home continues to wane.
We are not, however, immune to the wider issues that are
currently affecting the UK and German economies. Although Group
second half performances will remain stronger than first halves, we
anticipate that higher energy costs and inflation will have an
effect on discretionary spending in the run up to Christmas. We
are, however, a resilient business with diverse income streams. We
have traded successfully through economically challenging
conditions in the past and I have every confidence that we will
continue to do so.
Overall, therefore, I am pleased with the Group's performance
for this period. The business has rebuilt successfully post Covid
and continues to see growth across all sectors. We are keen to
support our property partners, observing market trends and
supporting their development and we will continue to invest in
additional staff recruitment and development as we evolve our
products and services to better meet the new challenges facing the
retail sector.
With our business focus in mind, I would also like to add that I
am delighted to welcome John Scott onto our Board as a
non-executive director. John has extensive experience and
understanding of the retail sector having worked in senior
international management positions as well as providing consultancy
services through his own businesses. John therefore joins us with a
deep understanding of our business and the challenges and
opportunities that exist and he will support and challenge the
executive team to develop and build the work of the retail division
in both the UK and internationally.
During August 2022, SpaceandPeople announced that it has
established the SpaceandPeople plc Employee Benefit Trust (the
"EBT") for the benefit of current and future employees. The EBT
will act independently of the Company and is expected to make
market purchases of the ordinary shares of SpaceandPeople in order
to, among other things, satisfy current and potential future option
exercises of vested options granted pursuant to share option
agreements. The EBT will be funded by way of a loan from
SpaceandPeople and the Board believes that the formation of the EBT
will help in attracting new talent and incentivising existing
members of the management team.
With the launch of and investment in Rock Up and Pop Up as well
as our new experiential website, www.experientialspace.co.uk, we
have developed innovative new services that support our two key
revenue streams; Brand Experience and Pop-up Retail, and we are
aiming for these to contribute to and stimulate our growth over the
coming years. SpaceandPeople has the ability to deliver the most
comprehensive portfolio of spaces for brands and retailers to
research, launch and showcase their products. By developing new
marketing platforms to promote our venues, combined with new retail
delivery options, we will continue to expand and dominate this
sector.
Nancy Cullen
26 September 2022
Independent Auditor's Review Report on Interim Financial
Information
Conclusion
We have reviewed the accompanying balance sheet of
Spaceandpeople plc as of June 30, 2022 and the related statements
of income, changes in equity and cash flows for the six-month
period then ended, and a summary of significant accounting policies
and other explanatory notes.
Based on our review, nothing has come to our attention that
causes us to believe that the accompanying interim financial
information does not present fairly, in all material respects the
financial position of the entity as at June 30, 2022, and of its
financial performance and its cash flows for the six-month period
then ended in accordance with UK adopted International Accounting
Standard 34, "Interim Financial Reporting".
Basis for Conclusion
We conducted our review in accordance with International
Standard on Review Engagements 2410 (UK), "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity". A review of interim financial information consists of
making inquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis of Conclusion
section of this report, nothing has come to our attention to
suggest that management have inappropriately adopted the going
concern basis of accounting or that management have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with this ISRE, however future events or conditions may
cause the entity to cease to continue as a going concern.
Responsibilities of directors
Management is responsible for the preparation and fair
presentation of this interim financial information in accordance
with UK adopted International Accounting Standard 34, "Interim
Financial Reporting".
In preparing the half-yearly financial report, the directors are
responsible for assessing the company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statement in the half-yearly financial report. Our
conclusion, including our Conclusions Relating to Going Concern,
are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of
this report.
Azets Audit Services
Chartered Accountants
Statutory Auditors
Titanium 1
King's Inch Place
Renfrew
PA4 8WF
Date: 23 September 2022
Consolidated Group Statement of Comprehensive Income
For the six months ended 30 June 2022
Notes 6 months 6 months 12 months
to 30 June to 30 June to 31 December
'22 '21 '21
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Revenue 4 2,413 1,102 4,020
Cost of sales (869) (292) (1,211)
Gross profit 1,544 810 2,809
Administration expenses (1,996) (1,765) (3,456)
Other operating income 132 704 800
Operating (loss)/profit (320) (251) 153
Finance costs (57) (15) (78)
(Loss)/profit before
taxation (377) (266) 75
Taxation 66 124 97
Loss after taxation
Profit / (loss) from
discontinued operation
(311) (142) 172
(Loss) / profit for
the period - 12 12
Other comprehensive
income (311) (130) 184
Foreign exchange differences
on translation of foreign
operations 11 3 (38)
Total comprehensive
(loss)/income for the
period (300) (127) 146
Earnings/(loss) per
share 10
Basic (16.0)p (6.5)p* 9.4p*
Diluted (16.0)p (6.5)p* 8.9p*
*Restated
Consolidated Group Statement of Financial Position
At 30 June 2022
Notes 30 June 30 June 31 December
'22 '21 '21
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets:
Goodwill 5 6,881 6,881 6,881
Property, plant & equipment 6 640 851 690
Deferred tax 364 323 297
-------------- -------------- -------------
7,885 8,055 7,868
Current assets:
Trade & other receivables 2,134 1,862 2,196
Current tax receivable - 173 6
Cash & cash equivalents 7 618 760 1,380
-------------- -------------- -------------
2,752 2,795 3,582
Total assets 10,637 10,850 11,450
-------------- -------------- -------------
Liabilities
Current liabilities:
Trade & other payables 3,999 3,709 4,339
Lease liabilities 176 207 189
Borrowings repayable
within one year 8 322 247 297
4,497 4,163 4,825
Non-current liabilities:
Lease liabilities 284 490 308
Borrowings repayable
after one year 8 1,320 1,639 1,481
-------------- -------------- -------------
1,604 2,129 1,789
Total liabilities 6,101 6,292 6,614
-------------- -------------- -------------
Net assets 4,536 4,558 4,836
-------------- -------------- -------------
Equity
Share capital 9 195 195 195
Share premium 4,868 4,868 4,868
Special reserve 233 233 233
Retained earnings (760) (738) (460)
Total equity 4,536 4,558 4,836
-------------- -------------- -------------
Consolidated Group Statement of Cash Flows
For the six months ended 30 June 2022
Notes 6 months 6 months 12 months
to 30 June to 30 June to 31 December
'22 '21 '21
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Cash flow from operating
activities
Cash outflow from operations (418) (127) 680
Interest paid (57) (15) (78)
Taxation 5 11 177
-------------- -------------- ----------------
Net cash (outflow) /
inflow from operating
activities (470) (131) 779
-------------- -------------- ----------------
Cash flows from investing
activities
Purchase of property,
plant & equipment 6 (62) (23) (80)
Disposal of property,
plant & equipment 6 68 - -
Net cash inflow / (outflow)
from investing activities 6 (23) (80)
-------------- -------------- ----------------
Cash flows from financing
activities
Bank loans drawn 8 - 1,000 1,000
Bank loans repaid 8 (137) (864) (972)
Payment of finance lease
obligations (161) (61) (186)
Net cash (outflow) /
inflow from financing
activities (298) 75 (158)
-------------- -------------- ----------------
(Decrease) / increase
in cash and cash equivalents (762) (79) 541
Cash at beginning of period 1,380 839 839
-------------- -------------- ----------------
Cash at end of period 7 618 760 1,380
-------------- -------------- ----------------
Reconciliation of operating
profit to net cash flow
from operating activities
Operating (loss) / profit (320) (251) 153
Gain/ (loss) on disposal - 12 (28)
Depreciation of property,
plant & equipment 167 208 375
Effect of foreign exchange
rate moves 13 3 (33)
Decrease / (increase)
in receivables 62 128 (271)
(Decrease) / increase
in payables (340) (227) 484
------ ------ ------
Cash flow from operating
activities (418) (127) 680
------ ------ ------
Consolidated Group Statement of Changes in Equity
For the six months ended 30 June 2022
Share Share Special Retained Non-controlling Total
Six months to 30 June capital premium reserve earnings Interest equity
'22 GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January '22 195 4,868 233 (460) - 4,836
Foreign currency translation - - - 11 - 11
Loss for the period - - - (311) - (311)
At 30 June '22 195 4,868 233 (760) - 4,536
----------- --------- --------- ---------- ---------------- ---------
Share Share Special Retained Non-controlling Total
Six months to 30 capital premium reserve earnings Interest equity
June GBP'000
'21 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January '21 195 4,868 233 (587) (24) 4,685
Foreign currency
translation - - - 3 - 3
Loss for the period - - - (130) - (130)
Other movement (24) 24 -
At 30 June '21 195 4,868 233 (738) - 4,558
------------ --------- --------- ---------- ---------------- ---------
Notes to the financial statements
For the six months ended 30 June 2022
1. General information
SpaceandPeople plc is a limited liability company incorporated
and domiciled in Scotland (registered number SC212277) which is
quoted on AIM (ticker: SAL).
This condensed consolidated interim financial information has
been reviewed, but not audited, by the auditors, and their
independent review is set out earlier in this report. It does not
constitute statutory accounts as defined by Section 434 of the
Companies Act 2006. The financial information for the 12 months to
31 December 2021 has been extracted from the statutory accounts for
that period. These published accounts were reported on by the
auditors without qualification or an emphasis of matter reference
and did not include a statement under section 498 of the Companies
Act 2006 and have been delivered to the Registrar of Companies.
This condensed consolidated interim financial information was
approved by the board on 23 September 2022.
2. Basis of preparation
This condensed consolidated interim financial information for
the six months ended 30 June 2022 has been prepared in accordance
with IAS 34 'Interim financial reporting'. The condensed
consolidated interim financial information should be read in
conjunction with the financial statements of the Group for the
period ending 31 December 2021 which were prepared on a going
concern basis under the historical cost convention in accordance
with International Financial Reporting Standards (IFRS) as adopted
by the UK, and those parts of the Companies Act 2006 applicable to
companies reporting under IFRS.
3. Accounting policies
The accounting policies adopted in the preparation of the
condensed consolidated interim financial information are consistent
with those applied in the financial statements of the Group for the
year ended 31 December 2021.
Reclassification
In the interim period to 30 June 2021, the Group inaccurately
presented certain grant income within Administrative expenses. As
such, an adjustment has been processed to classify this
appropriately in the comparative figures presented. As a result,
Administrative expenses and other operating income have both
increased by GBP252,000 from the previous interim report presented
for the period to 30 June 2021. There is no impact to the reported
loss before tax , cash or any other figures presented.
Going Concern
The Directors are required to prepare the statutory financial
statements on the going concern basis unless it is inappropriate to
presume that the Group will continue in business. In satisfaction
of this responsibility the Directors have considered the Group's
ability to meet its liabilities as they fall due.
The Group meets its day-to-day cash requirements through working
capital management and the use of existing bank overdraft and loan.
Management information tools including budgets and cash flow
forecasts are used to monitor and manage current and future
liquidity. The current and future financial position of the Group,
its cash flows and liquidity position continue to be reviewed by
the Directors. They take a prudent view on the continuing recovery
in the Group's business post covid lockdowns and have stress tested
these assumptions to ensure that cash flows and liquidity are
sufficiently robust to allow the Group to continue to trade during
this period.
The Group has term loans in place that mature in 2025 and 2027
along with overdraft facilities available until 2024. Covenants are
in place that reflect the current trading position and a reasonable
forecasted view of the Group's financial performance.
The Group continues to manage its cash flows prudently and the
Directors are confident that the current resources and available
funding facilities will provide sufficient headroom to meet the
forecast cash requirements. The Group's current and long-term
forecast outlook has provided further assurance to the Directors
regarding its financial position.
Accordingly, the Directors consider that it is appropriate to
prepare the financial statements on the going concern basis.
4. Segmental reporting
The Group maintains its head office in Glasgow and an office in
Hamburg, Germany. These are reported separately. In addition, the
retail business, now trading as POP Retail, has a subsidiary in
Germany. The Group has determined that these are the principal
operating segments as the performance of these segments is
monitored separately and reviewed by the board.
The following table presents revenue and profit and loss
information regarding the Group's two business segments -
Promotional Sales and Retail, split by geographic area. The Other
segment represents the Group's previous investment in
SpaceandPeople India. Segment profit / (loss) before tax below is
presented after including discontinued operations.
Promotions Retail Retail Head Other Group
UK UK Germany Office
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months to 30 June
'22
Revenue 1,222 609 582 - - 2,413
----------- --------- --------- --------- --------- ---------
Segment (loss) / profit
before tax 244 16 (32) (605) - (377)
----------- --------- --------- --------- --------- ---------
Six months to 30 June
'21
Revenue 769 233 100 - - 1,102
----------- --------- --------- --------- --------- ---------
Segment (loss) / profit
before tax including
discontinued operations 151 (105) 74 (386) 12 (254)
----------- --------- --------- --------- --------- ---------
12 months to31 December
'21
Revenue 2,132 1,022 866 - - 4,020
----------- --------- --------- --------- --------- ---------
Segment profit / (loss)
before tax including
discontinued operations 655 62 131 (773) 12 87
----------- --------- --------- --------- --------- ---------
5. Goodwill
30 June 30 June '21 31 December
Net book value '22 GBP'000 '21
GBP'000 GBP'000
Opening and closing balance 6,881 6,881 6,881
--------- ------------ ------------
6. Property, plant and equipment
30 June 30 June '21 31 December
Net book value '22 GBP'000 '21
GBP'000 GBP'000
Opening balance 690 1,028 1,028
IFRS16 Lease additions 123 8 8
Additions 62 23 90
Forex - - (5)
Disposals (68) - (56)
Depreciation (167) (208) (375)
Closing balance 640 851 690
--------- ------------ ------------
The right of use lease liabilities are secured against the right
of use assets.
7. Cash & cash equivalents
30 June '22 30 June '21 31 December
GBP'000 GBP'000 '21
GBP'000
Cash at bank and on hand 618 760 1,380
------------ ------------ ------------
8. Borrowings
At the reporting date the Group had the following
borrowings:
30 June '22 30 June '21 31 December
GBP'000 GBP'000 '21
GBP'000
Bank loans:
Less than one year 322 247 297
Greater than one year 1,320 1,639 1,481
------------ ------------ ------------
1,642 1,886 1,778
------------ ------------ ------------
As at 30 June 2022, SpaceandPeople plc had GBP1.64 million
(2021: GBP1.89 million) of CBILS term loans, GBP0.66 million of
which expire in April 2025 and GBP0.98 million expire in January
2026. SpaceandPeople plc also had GBP0.75 million of overdraft
facilities of which GBPnil was used as at 30 June 2022 (2021:
GBP50k). The bank facilities are secured by floating charge over
the Group's assets and are subject to interest between 3.25% to
3.8% plus base.
9. Called up share capital
Allotted, issued and fully 30 June '22 30 June '21 31 December
paid '21
Class Nominal
value
Ordinary 1p GBP - 195,196 195,196
Number - 19,519,563 19,519,563
Class Nominal
value
Ordinary 10p GBP 195,196 - -
Number 1,951,957 - -
On 7 June 2022, at the Company's annual general meeting,
shareholders approved the consolidation of the Company's ordinary
share capital, resulting in every 10 existing ordinary shares of 1
pence each being consolidated into 1 new ordinary share of 10 pence
each. The Company's issued share capital now consists of 1,951,957
Ordinary Shares with one voting right each. The Company does not
hold any ordinary shares in treasury. Therefore, the total number
of ordinary shares and voting rights in the Company is 1,951,957.
There is no change to the pound sterling value as a result of the
share consolidation.
10. Earnings per share
Earnings per share (EPS) has been calculated using the loss
after taxation attributable to owners of the company for the period
and the weighted average number of shares in issue.
30 June '22 30 June '21 31 December
GBP'000 GBP'000 '21
GBP'000
(Loss) / profit after
tax for the period attributable
to owners of the Company (311) (130) 184
Discontinued operation - (12) (12)
(Loss) / profit after
tax for the period before
non-recurring costs attributable
to owners of the Company (311) (142) 172
Weighted average number
of shares in issue during '000 '000 '000
the period
* 10p ordinary shares
1,952 - -
* 1p ordinary shares - 19,520 19,520
* Share options - - 1,232
1,952 - -
* Diluted ordinary 10p shares
* Diluted ordinary 1p shares - 19,520 20,752
Adjusted weighted average
for impact of share consolidation 1,952 1,952 2,075
The weighted average number of ordinary shares is adjusted
retrospectively for all periods presented for any change in the
number of number shares outstanding without a corresponding change
in resources. Accordingly, basic and diluted EPS has been restated
for the comparative periods to 30 June 2021 and 31 December
2021.
In the period to 30 June 2022 and 30 June 2021, there are share
options outstanding as at the end of each period which, if
exercised, would increase the number of shares in issue. However,
in these periods, there is an anti-dilutive effect and as such the
effects of anti-dilutive potential ordinary shares are ignored in
calculating diluted EPS.
11. Post reporting date events
In August 2022, SpaceandPeople PLC established an Employee
Benefit Trust for the benefit of its current and future employees
and subsequently granted 76,000 new share options to the company's
executive directors and other employees.
In September 2022, the group appointed Mr John Scott as an
Independent Non-Executive Director to its Board.
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END
IR SEWFIIEESESU
(END) Dow Jones Newswires
September 26, 2022 02:01 ET (06:01 GMT)
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