(Alliance News) - SpaceandPeople PLC shares plunged on Monday after it reported a widened interim loss on rising costs.

SpaceandPeople shares fell 16% to 79.50 each on Monday morning in London.

The Glasgow-based retail, promotional and brand experience specialist reported that revenue increased 4.2% to GBP2.5 million in the first half of 2023, from GBP2.4 million the year prior.

It said the revenue increase was due to a 38% revenue jump in its German retail sector, which was partially offset by a 23% decrease in UK retail revenue.

The firm said its pretax loss widened to GBP424,000, from GBP377,000 a year ago. SpaceandPeople noted that administration expenses rose to GBP2.1 million, from GBP2.0 million.

Looking forward, the firm said it is confident in the second half, noting a recently agreed extension to its contract with Network Rail until September 2024.

It added that it will be able to "maximise the opportunities available to us during the busiest and most profitable period of the year".

Chief Executive Nancy Cullen said: "This half year has been encouraging for SpaceandPeople, with a drive to invest further across the business both in the UK and in Germany in order to develop products and services that are closely attuned to our customers evolving needs."

By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.