Paragon Entertainment says past year has been challenging but manages to narrow losses

23rd Jul 2015 12:58

(ShareCast News) - Attractions designer Paragon Entertainment plunged 15% on Thursday despite positive first-half results with losses falling sharply.The company managed to narrow its pre-tax profits to £30,000 for the six months ended 30 June 2015 from £214,000 same time last year.Meanwhile, revenues rose 20% to £4.5m, but cash balance turned negative to -£127,000 from a positive balance of £636,000 in the first half of 2014.The rise in revenues was helped by the completion of projects such as the Maya Exhibition at Liverpool Museum, Heineken Experience, Amsterdam, and the new World War exhibition at Dover Castle.It also announced it has reached an agreement with HMRC to settle a "historical" tax liability to pay £0.398m in cash.Chairman Mark Taylor said the company is making steady progress despite still having "some hard work ahead of us", while chief executive Mark Pyrah added the past year has been a challenge but expects the next six months to welcome a number of exciting projects.Shares in Paragon fell 15.3% to 1.8p on Thursday at 11:28.