LONDON (ShareCast) - (ShareCast News) - Shares in Spaceandpeople roared more than 45% ahead as the company forecast a full-year pre-tax profit of about £1.1m.
The retail, promotional and brand experience specialist said that revenue and pre-tax profit for the first four months of 2017 were ahead of management expectations.

It cited strong sales in the group's UK promotions division in particular.

"Although revenue across the business remains weighted towards the second half of the year, the board is confident that the strong start to 2017 will be maintained throughout the year."

Spaceandpeople had also renegotiated the terms of the German retail division's contract with ECE, meaning that contract would now trade more profitably than previously anticipated.

It added that directors expected the company's pre-tax profit for the year to 31 December would be about £1.1m.

Chief executive Matthew Bending said the combination of better-than-forecast revenues and reduced costs along with the positive impact of the restructuring carried out in 2016 has meant that profitability so far this year has been ahead of expectations.

"I look forward to this continuing throughout the rest of 2017."

At 14:00 BST, shares in AIM-listed Spaceandpeople were up 45.1% to 37p each.

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