LONDON (ShareCast) - (Sharecast News) - Live events agency Aeorema Communications reported its "strongest year on record" in an update on Wednesday, with trading throughout the year just ended ahead of its own expectations.
The AIM-traded firm reported a 130% increase in revenue in the 12 months ended 30 June, with revenue expected to come in no lower than £11.8m.

It also flagged record profitability, with expected profit before tax set to be at least £0.7, swinging from a loss of £0.16m in the 2021 financial year.

The board said the return and ongoing increase in live events was behind the growth, including the Cannes Lions, where Aeorema had its largest-ever presence.

Virtual and hybrid events were continuing to be a source of revenue as well, however.

Aeorema said it was in a "strong" cash position in excess of £1.65m at year-end on 30 June.

"I am delighted to be reporting our best financial performance in the history of the company, demonstrating the success of the shift in strategy over the last two years," said chief executive officer Steve Quah.

"This is because despite facing headwinds with the Omicron variant of Covid-19, which was a major disruption in the middle of our financial year, we have once again shown incredible spirit and talent to help our clients navigate another challenging period and deliver some of our best work ever.

"We continue to support our clients to help them achieve their strategic and communications objectives, and I am very proud that we are also being recognised for our work; to win Creative Team of the Year at the Conference News Agency Awards four years running is astonishing, and to recently win Best Agency in the Micebook V Awards is both humbling and had brought an incredible feeling of pride for the agency."

At 1243 BST, shares in Aeorema Communications were up 36.27% at 74.95p.

Reporting by Josh White at Sharecast.com.

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