- SpaceandPeople said H2 trading was in line with management views, but FY pretax profit attributable to shareholders is seen at about GBP1.0m, slightly below market views.

The principal reason for this profit shortfall was due to a timing difference following a decision to recognise an element of promotional revenue that is now derived from Mobile Promotions Kiosks ("MPKs") on the same basis as we recognise revenue from Retail Merchandising Units.

This change has resulted in the deferral of £150k of net promotional revenues from 2015 to 2016.

The decision to account for revenue in this manner gives management better sight of future revenue and will be the standard accounting treatment applied to this type of revenue going forward.

Meantime, SpaceandPeople has signed a multi-year contract to manage promotional space at British Land's Drake Circus Shopping Centre in Plymouth. It expects to extend this contract across 40 other assets, covering the majority of British Land's multi-let retail portfolio in due course.

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