- Marketing group SpaceandPeople swung to an annual loss as sales fell amid 'challenging' trading conditions.

Pre-tax losses for the year through December amounted to £0.4m, compared to losses of £1.2m on-year.

Revenue tumbled 16% to £18.8m.

The company cut its annual dividend by two thirds to 0.5p per share.

Chairman George Watt said sales were hurt by unusual weather conditions and the World Cup distracting brands 'from focusing on their usual activity with us'.

'Despite 2018 having been a difficult year, we look forward to 2019 with confidence following management's success in securing new agreements and successfully renewing other agreements on good terms,' Watt said.

'I would like to thank the executive directors, the senior management team and all staff across the business for all their hard work during 2018 and I am confident that this will continue and lead to a successful 2019.'

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