LONDON (ShareCast) - (Sharecast News) - Live events agency Aeorema Communications updated the market on its business on Thursday, following the successful acquisition of Eventful in March, the strategic hires it made in May, and its response to the impact of the Covid-19 pandemic on the way companies ran live events.
The AIM-traded firm reported an "encouraging" number of multinational blue-chip client wins in 2020 so far, as it expanded its virtual events offering.

It said its team was adapting "quickly", and capitalising on an increasing requirement for virtual and hybrid events.

The board said the integration of Eventful had been successful, diversifying and enhancing its offering to existing and new clients.

Aeorema added that the addition of a strategy director and associated team in May had also delivered results, with the new hires focusing on brand strategy and communications.

The company said it had maintained a "strong" cash position through the Covid-19 crisis, in excess of £1m.

"We are delighted with the successful integrations of the two new teams - their addition to Aeorema could not have come at a more pivotal point in the way events are being staged," said chairman Mike Hale.

"I am very proud of the way the team has adapted, and in fact thrived, over the past six months, retraining and refocusing efforts to produce successful virtual events for our many existing and new clients.

"The team has won some significant new business, ranging from large blue-chip companies running virtual events attended by some 26,000 people, to smaller companies looking to run multiple small events, and we are developing a strong pipeline of exciting opportunities."

Hale said that, although large live events would "undoubtedly" be slow to return, clients in certain sectors were keen to go back to that communication and selling technique.

"With Aeorema's marriage of both virtual and physical events in the form of hybrid events, clients will be provided with the best of what both have to offer.

"The industry has matured at a record pace over the last six months and we have matured and developed with it.

"Whilst we remain in uncharted territory with the continuing impact of Covid-19, I strongly believe we are positioned to capitalise on the changes we continue to see, and I look forward with cautious optimism to the next phase in the company's life."

At 0800 BST, shares in Aeorema Communications were up 5.07% at 19.7p.

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