Spaceandpeople boosted by jump in German sales

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RETAIL marketing specialist Spaceandpeople yesterday said buoyant trading at its German operations should see full-year results meet market expectations.

The Glasgow-based firm, which works with shopping centres to rent out space for companies to advertise their products and services, said German sales rose 52 per cent to £8.6 million, while in the UK they were 16 per cent higher

at £21.4m.

Chief executive Matthew Bending said: “Trading throughout the second half of the year continued strongly, with revenue from existing clients increasing as well as significant new client gains such as Land Securities and Capital Shopping Centres in the UK and MEC in Germany.”

He said cashflow was positive during the year, with net cash of £391,000 at the end of December, compared with £2,000 at the end of 2011. Results for the year to 31 December are due to be published on 25 March.

Spaceandpeople – which

operates more than 600 sites in the UK, Germany, India and Russia – has carried out promotions for companies including fruit juice maker Del Monte, skin care brand Nivea and make-up

producer Rimmel.

Last year, the firm sealed a deal with FTSE-100 property developer Capital Shopping Centres.

Analysts at Equity Development said the update was encouraging and a reminder of the company’s “strong market position and the attractive low ratings that the shares still trade on”. They have a price target for the shares of 150p, which rose 4p to 95.5p yesterday.