"A year of excellent progress and strong revenue growth"
Arena Events Group plc (AIM: ARE, is pleased to announce its Full Year Results for the year ended 31 December 2017.
- Group revenue increased by 18% to £109.6m (2016: £93.2m)
- Adjusted EBITDA(1) grew by 25% to £10.6m (2016: £8.5m)
- Adjusted Earnings(2) increased to £4.0m (2016: £1.2m)
- Basic adjusted EPS (3) 3.5p (2016: 1p)
- Return on Capital Employed (4) increased from 4.2% to 8.3%
- Year end net bank debt £11.5m (2016: £30m)
- Final dividend of 0.9 pence per share proposed, to bring total dividend for the year to 1.35 pence per share
- Extended contract with European Golf Tour for 4 years (up to £10m)
- Largest contract win in Arena's history - US PGA 5 year contract secured (up to $40m)
- Acquired Wernick seating and mass participation sports business in April 2017
- Contract with ITV for 'Dancing on Ice' temporary TV studio
- Two year contract for the inaugural CJ golf Trophy in South Korea
- Strong balance sheet gives platform for future acquisitive growth
In February 2018, the Company acquired GLD Productions, the first post-IPO acquisition, and this month the acquisition of Ironmonger Events in Hong Kong has been agreed.
The Group expects to post its Annual Report and Accounts to shareholders in late April and the AGM will be held at 4pm on 24 May 2018, at Pinsent Masons, 30 Crown Place, London.
Greg Lawless, Chief Executive Officer of Arena, commented: "2017 was a year of excellent progress for the Group with the delivery of a number of key milestones that have laid the foundation for the future development of the business.
We added a number of major new multi-year contracts in each division, including the PGA of Americas and the CJ Trophy in Korea which together with the acquisition of the Wernick seating and mass participation sports business enabled us to deliver a very strong set of results with adjusted EBITDA exceeding £10 million for the first time.
We will continue to build on this strong momentum and I am pleased to report that 2018 has started well which gives us the confidence that we can keep growing the business over the coming years."