StockMarketWire.com - Events company Arena Events reported narrower annual losses on higher margins as cost cuts and efforts to launch alternative revenue streams following the impact of the pandemic bolstered performance.

For the year ended 31 March 2021, pre-tax losses narrowed to £12.8 million from £23 million year-on-year, while revenue fell 61% to £71.6 million.

Gross profit margin improved to 37.7% from 30.2% last year due in part to 'geographic mix, as the Americas Region delivered a higher proportion of group revenue, with a transformed cost base following the Region's business rationalisation programme in late 2019,' the company said.

Looking ahead, Arena Events said it was 'cautiously optimistic' about the pace of recovery in the live events industry, adding that it expects FY22 to be a 'transitional year' for the group.




Story provided by StockMarketWire.com