Reach4Entertainment reports strong end to 2015

29th Feb 2016 12:34

(ShareCast News) - Reach4Entertainment revealed strong trading at the end of 2015 on Monday, as it warmed the market up for its final results for the calendar year, due before the end of May.The AIM-traded media and entertainment marketing company had previously reported encouraging interim and third quarter results, with that trading continuing well in the last quarter of the year, along with an expected seasonal uptick in revenues.R4E said it expected to report revenue, EBITDA and statutory profit for the year in line with market expectations.Its SpotCo operation in New York continued to maintain a strong market position, and while 2015 did not match 2014's performance trading was still 'very satisfactory'.Dewynters in London also performed well, R4E's board said, with actions to reduce costs helping to produce an increase in profit contribution for the year."2015 has been an important year for the company. With the equity placing and refinancing now complete, the group will begin to see the benefits of a substantially reduced cost base," said executive chairman David Stoller."This has been a period of very positive transformation, and our focus is now very much on building upon our current level of business while pursuing opportunities for growth and innovation - all with the goal of continuing our leadership in the London and New York theatre and live entertainment markets," he added.Additionally, the company announced the completion of an equity placing to raise £4m, and secured a three-year debt facility of £9.5m with PNC Business Credit on 4 December, which enabled R4E to refinance its existing debt facility with Allied Irish Bank.The firm's final result would include a net exceptional gain of £4.9m for the write down of the existing facility, related fees from the refinancing, and other exceptional income and expenses the business had incurred in the year.