Interim Results

SpaceandPeople PLC 21 June 2007 SpaceandPeople PLC Company Registration Number SC212277 INTERIM REPORT AND ACCOUNTS FOR THE 6 MONTHS TO 30 APRIL 2007 SpaceandPeople PLC, which facilitates and manages the sale of promotional space in malls and shopping centres, announces interim results for the six months ended 30 April 2007. Highlights: Billings up 23% to £5,251,000 (£4,261,000) Turnover up by 5% to £954,329 (£905,606) Pre tax profits up 70% to £241,643 (£142,228) European expansion plans progressing well SpaceandPeople PLC Chairman's Statement I am pleased to report to Shareholders that the net profit before tax for the half year to 30th April, 2007 has increased by 70% from £142,228 to £241,643 further increasing our rate of growth over the last 4 years. In the first six months of this year billings have increased 23% from £4,261,000 to £5,251,000 and turnover increased from £905,606 to £954,329. Based on the venues now represented the total weekly footfall has increased to 27.1 million people. As I reported last year, we won the account of Hammerson France and have since then increased our French team in Glasgow to seven. This is in anticipation of extending our client base in France, negotiations for which are in an advanced stage. Over this period, discussions have also been taking place in Germany which we again hope to conclude shortly. Announcements will be made to Shareholders when contracts have been signed. Your directors are confident that shareholders may look forward to a successful second half year. In line with previous years, we have paid an interim dividend to shareholders amounting to 1.5p per share, (2006 - 1p). Finally, I have to tell you that this is the last Chairman's Statement that I will be writing to you as I will be resigning as Chairman of this company with effect from the end of this month. I will be succeeded by David Henderson- Williams who has been a director of the company since October 2006. David Henderson-Williams is very highly regarded in the property world. With Hark Group he has acquired and managed The Forge Shopping Centre, Glasgow and more recently The Arcades, Ashton-under-Lyne and Telford Shopping Centre in conjunction with joint venture partners. He was previously a main board member at Chesterfield Properties Plc and CEO of their USA business, where he undertook retail developments with major American developers such as General Growth and McArthur Glen. I leave the company's board with, on the one hand, regret and, on the other hand, a profound degree of faith in its future. Jeremy Arnold Chairman June 20, 2007 Contact details David Henderson-Williams Chairman Tel: 0207 1821840 Matthew Bending Joint Managing Director Tel: 0705 900 3134 Nancy Cullen Joint Managing Director Tel: 0705 900 3135 AIM Dealing Code Stock Exchange Code: SAL Website www.spaceandpeople.com INDEPENDENT REVIEW REPORT TO SPACEANDPEOPLE PLC Introduction We have been instructed by the company to review the financial information for the six months ended 30 April 2007 which comprises the profit and loss account, the balance sheet, the cash flow statement and the related notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of and has been approved by the Directors. The AIM Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of company management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of the AIM Rules of the London Stock Exchange and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Review conclusion On the basis of our review, we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 April 2007. Campbell Dallas, Chartered Accountants 7 Glasgow Road, Paisley June 20, 2007 Notes (a)The maintenance and integrity of the SpaceandPeople PLC website is the responsibility of the Directors; the work carried out by Campbell Dallas, Chartered Accountants does not involve consideration of these matters and, accordingly, Campbell Dallas, Chartered Accountants accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the website. (b)Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions. SpaceandPeople PLC Profit and Loss Account Interim Period to 30 April 2007 6 Months to 6 Months to Year Ended 30-Apr-07 30-Apr-06 31-Oct-06 TURNOVER 954,329 905,606 1,933,303 Administrative expenses 746,403 779,015 1,519,012 --------- --------- -------- 207,926 126,591 414,291 Other operating income 6,961 2,400 11,787 --------- --------- -------- OPERATING PROFIT 214,887 128,991 426,078 Interest receivable and similar income 26,756 13,237 28,865 --------- --------- -------- 241,643 142,228 454,943 Interest payable and similar charges - - - --------- --------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 241,643 142,228 454,943 Tax on profit on ordinary activities (60,410) (1,507) (106,440) --------- --------- -------- PROFIT FOR THE FINANCIAL YEAR AFTER TAXATION 181,233 143,735 348,503 ========= ========= ======== Earnings per share 1.59p 1.26p 3.1p Diluted earnings per share 1.56p 1.24p 3.0p SpaceandPeople PLC Balance Sheet Interim Period to 30 April 2007 30-Apr-07 30-Apr-06 31-Oct-06 FIXED ASSETS: Intangible assets - - - Tangible assets 88,440 41,131 68,263 Investments - - - --------- -------- --------- 88,440 41,131 68,263 --------- -------- --------- CURRENT ASSETS: Debtors 654,083 569,997 728,739 Cash at bank and in hand 916,873 504,365 1,011,597 --------- -------- --------- 1,570,956 1,074,362 1,740,336 CREDITORS: Amounts falling due within one year 790,329 462,927 951,265 --------- -------- --------- NET CURRENT ASSETS: 780,627 611,435 789,071 TOTAL ASSETS LESS CURRENT LIABILITIES: 869,067 652,566 857,334 ========= ======== ========= CAPITAL AND RESERVES: Called up share capital 114,120 114,000 114,000 Share Premium 1,380 - - Special reserve 232,809 232,809 232,809 Profit and loss account 520,758 305,757 510,525 --------- -------- --------- SHAREHOLDERS' FUNDS: 869,067 652,566 857,334 ========= ======== ========= RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Profit for the period 181,233 143,735 348,503 Dividends (171,000) (114,000) (114,000) --------- -------- --------- 10,233 29,735 234,503 New share issued in the period 1,500 - - --------- -------- --------- Net addition to shareholders' funds 11,733 29,735 234,503 Opening shareholders' funds 857,334 622,831 622,831 --------- -------- --------- Closing Shareholders' Funds 869,067 652,566 857,334 ========= ======== ========= Equity interests 869,067 652,566 857,334 ========= ======== ========= SpaceandPeople PLC Cashflow Statement Interim Period to 30 April 2007 30-Apr-07 30-Apr-06 31-Oct-06 Net cash (outflow)/ inflow from operating activities 83,521 (48,605) 512,462 Returns on investments and servicing of finance 26,756 13,237 28,865 Taxation - - (35,235) Capital expenditure and financial investment (35,501) (18,056) (52,284) Equity dividends paid (171,000) (114,000) (114,000) (96,224) (167,424) 339,808 Financing 1,500 - (Decrease)/ Increase in cash in the period (94,724) (167,424) 339,808 Reconciliation of net cash flow to movement in net funds Operating profit 214,887 128,991 426,078 Depreciation charges 15,323 8,588 15,684 Loss on sale of fixed asset - - - Transfer of fixed asset investment - - - Increase in debtors 74,656 (76,508) (235,250) (Decrease)/Increase in creditors (221,345) (109,676) 305,950 Net cash (outflow)/ inflow from operating activities 83,521 (48,605) 512,462 SpaceandPeople PLC Notes to the Interim Report and Accounts for the 6 months to 30 April 2007 NOTE 1: The interim report and accounts, which were approved by the board on June 15, 2007, are unaudited but have been reviewed by the auditors and their independent review report is set out on page 3. The interim report and accounts are not full accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended 31st October, 2006 have been extracted from the Company's full accounts for that year, which received an unqualified Auditors' Report that did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The accounts for the year ended 31st October, 2006, have been filed with the Registrar of Companies. NOTE 2: The interim statement has been prepared in accordance with the accounting policies set out in the Company's Annual Report and Accounts for the year ended 31st October, 2006. NOTE 3: Earnings per share 6 Months to 6 Months to Year ended 30-Apr-07 30-Apr-06 31-Oct-06 (Unaudited) (Unaudited) (Audited) Weighted average number of 1p Ordinary Shares: For basic earnings per share 11,412,000 11,400,000 11,400,000 Effect of dilutive share options: For diluted earnings per share 11,623,000 11,563,000 11,636,000 NOTE 4: DISTRIBUTION - Copies of this interim report and accounts are being sent to all shareholders and additional copies are available from the Company's registered office at 141 St James Road, Glasgow G4 0LT. This information is provided by RNS The company news service from the London Stock Exchange

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