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Paragon Entertainment swings to loss after 'very difficult' first half

Wednesday, 22nd August 2018
Attractions design business Paragon Entertainment swung to a first-half loss during a 'very poor' period that saw a major brand partner walk away.

Pre-tax losses for the six months through June amounted to £2.0m, compared to a £438k profit on year.

Revenue almost halved to £4.0m.

For the full year, the company forecast revenue of £13.0m, a pre-tax loss of £0.9m and an Ebitda loss of £0.6m.

'Paragon had previously advised that it had experienced a very poor six months to June 2018,' chairman Mark Taylor said.

'Our order book indicates that we have started to recover after the industry-wide downturn in the latter part of 2017 and management is committed to making a substantial recovery in the second half of the year.'

Chief executive John Dobson said the first half had proven to be 'very difficult indeed'.

'A delay in product roll out following a major brand partner walking away from a development contract meant the cancellation of two UK product-based attractions,' he said.

'This coupled with a general downturn in the UK market and uncertainty in the Middle East led to many projects being delayed significantly.'

'The delay in closing out a large project resulted in an unexpected negative margin in 2018.'

'Our order book has recovered, however, and is now strong, despite our poor first half performance and we aim to reduce these losses in the second half of 2018.'

'Products is back on target to deliver a strong performance and recent project wins have meant we are expected to be at full capacity until the second quarter of 2019.'






Story provided by StockMarketWire.com

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