- Arena Events Group slashed its annual losses as cost cuts and higher revenues helped bolster performance.

For 2018, pre-tax losses narrowed to £1.6m from £3.1m a year earlier and revenue rose 24% to £135m. Adjusted earnings (EBITDA) grew by 16% to £12.1m.

The company proposed a final dividend of 1.0p per share, bringing total dividend for the year to 1.5p per share, an increase of 11%

'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,' said Greg Lawless, Chief Executive Officer.

'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.'

At 9:04am: [LON:ARE] Arena Events Group Plc Ord 1p share price was +1.75p at 33.25p

Story provided by