Shares of SpaceandPeople have dropped after the company announced a larger pretax loss for the first half of 2023 due to increased costs.
At 07:02 GMT, shares were down 12.5 pence, or 13%, at 82.5 pence.
The U.K.-based marketing specialist revealed on Monday that the pretax loss for the six months ending June 30 was £424,000 ($519,018), compared to a loss of £377,000 in the same period last year.
Additionally, the group experienced an operating loss of £355,000, up from £320,000, due to higher expenses.
However, there was positive news as revenue rose by 5% to £2.5 million. This growth was largely driven by a 38% increase in German retail revenue to £801,000. However, the company also saw a 23% decline in U.K. retail revenue, which totaled £468,000.
“We are optimistic as we enter the second half of the year. We have strategically established the necessary venue infrastructure, product offerings, and personnel to capitalize on the numerous opportunities available during the busiest and most lucrative time of the year,” stated the company.