PARAGON ENTERTAINMENT, the York-based designer and operator of attractions, is making progress on its turnaround, although it remains slow.
The AIM-listed business had a tough 2014, requiring a management reshuffle as it lost £1m and breached its banking covenants, but its first half results showed a small profit.
Its latest update has shifted expectations of sustained improvement onto next year, with delays to projects lowering expectations for the full-year to revenues of £9m and EBITDA of £0.2m.
“Although a little slower than we would have liked, we are satisfied with the developing levels of activity and order intake during the second half of FY2015 and we continue to trade in compliance with our banking covenants,” said Mark Taylor, chairman of Paragon Entertainment.
“Whilst we now see 2015 falling short of expectation we believe that 2016 and beyond will produce pleasing results.”
It has started work last month on a £5m design and build contract for a theme park in the United Arab Emirates, and has started work on other projects including the Royal Armouries, Leeds, the Chocolate Museum in Dubai, and a £1.2m children’s project in Egypt.
These projects, and other work in its pipeline, has resulted in Paragon being “increasingly optimistic” about its performance next year.
