Arena Events Group plc (AIM: ARE), is pleased to announce its Full Year Results for the year ended 31 December 2018.
- Group revenue increased by 24% to £135m (2017: £108.9m)
- Adjusted EBITDA1 grew by 16% to £12.1m (2017: £10.4m)
- Adjusted Earnings2 increased to £4.9m (2017: £3.6m)
- Operating Profit £nil; (2017: £0.1m)
- Adjusted EPS3 increased by 19% to 3.7p (2017: 3.1p)
- Year end net bank debt £19.2m (2017: £10.9m)
- Final dividend of 1.0 pence per share proposed, to bring total dividend for the year to 1.5 pence per share, an increase of 11%
- Acquisition of Stuart Rentals in the US and TGP in Dubai, extending our geographic reach and product range.
- Four bolt-on, product extension acquisitions made in the UK including Event Barriers/Fencing, specialist furniture and temporary Cold Rooms.
- In the US secured a new seven year contract for seating for the US PGA golf and six year contract for Farmers Insurance Open at Torrey Pines.
- In the Middle East, new multi-year contracts secured for the Omega Dubai Desert Classic and the inaugural European Tour event in Saudi Arabia
- Rugby World Cup contract secured for delivery in Japan in 2019
- All events delivered on-time and to the Arena Standard.
Post Period End
- Operational issues in the UK being resolved, new UK CEO and Finance Director appointed
- New events including Farmers Insurance, Dubai Desert Classic, Saudi Golf all successfully delivered
- In the UK, the largest ever Cheltenham Festival successfully delivered, on time and on budget
- MOU signed with Japanese partners for delivery of circa 30,000 seats at Tokyo 2020 Olympics
- New office opened in Korea with 3 full time staff employed to service new and future contracts.
To better reflect the seasonality of the business, the Group has decided to change its year end to 31 March. The next set of audited results will be to 31 March 2020, with interim results announced for the 6 months to 30 June 2019 and the 6 months to 31 December 2019.
Greg Lawless, Chief Executive Officer, commented: "2018 was a year of continued progress and growth for the Group, both organically and through eight strategic acquisitions across our three regional divisions. Each of these acquisitions contributes towards our ambition of becoming the leading, most respected, integrated event solutions business in the world.
We expect another year of growth in 2019 assisted by a full year's contribution from our eight acquisitions. We will also continue to focus on completing the integration of the most recent acquisitions and supporting the new UK Management team with the implementation of identified operational improvements. Furthermore in 2020, the return of the US Open, coupled with the addition of a number of major events including the US Ryder Cup and the Tokyo Olympics, give us confidence that we will continue to see organic growth across the Group beyond 2019."