Spaceandpeople (L:SAL) has added another major client, British Land Company (L:BLND), 1 February 2016 starting with Drake Circus in Plymouth, then across its broader multi-let retail portfolio in due course. This follows on from last year’s landmark contract win of Network Rail. The trading update confirms that underlying FY15 results were in line with expectations (although an accounting adjustment pushes some net revenue recognition into FY16). With a cash positive balance sheet and 10% uplift in the dividend, SAL’s shares have yet fully to reflect the positive momentum in the news flow.
Major new contracts drive growth
FY15 was a major year of transition for SAL, with the launch of the Mobile Promotion Kiosk (MPK) concept (and associated investment programme) and, importantly, the validation of the value of its promotional offer from the Network Rail contract win. Adding the British Land shopping centres is further reinforcement of SAL’s credibility as an operator and should help to increase the visibility of promotional and experiential marketing within the mix of marketing spend. The early-stage pilot with Immochan in France (commenced 1 January 2016) further increases the geographic reach and is being run on a low-risk basis.
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