Reach4Entertainment sees FY results 'significantly ahead' of expectations
By Iain Gilbert
Date: Tuesday 18 Feb 2020
(Sharecast News) - Communications group Reach4Entertainment now expects full-year adjusted underlying earnings and revenues to be "significantly ahead" of market expectations.
Reach4Entertainment said on Tuesday that it had made "excellent progress" in 2019, reflecting the continued success of the company's turnaround strategy and acquisitions made throughout the period.
The AIM-listed firm said it had entered 2020 in "a strong position" and noted that its board was "confident" in the group's ability to continue to diversify its client base and build market share.
R4E also highlighted that it had a strong year-end balance sheet, with net cash of ?2.75m as of 31 December.
Chief executive Marc Boyan said: "Our turnaround strategy continues to deliver growth and improved profitability, with the Group benefiting from broadening its services into new areas of live entertainment and being more operationally efficient.
"We are now well-placed to continue this momentum into 2020 as we continue to strengthen our market offering and build upon the strong pipeline of new clients and projects already secured."
As of 1130 GMT, Reach4Entertainment shares had shot up 14.29% to 1.00p.
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