PARAGON ENTERTAINMENT, the York-based designer and operator of attractions which had no fun at all in 2014, has issued a cautiously upbeat update to the markets as it returns to profitability.
The AIM-listed business lost £1m last year and breached its banking covenant, while its chief financial officer subsequently departed.
Mark Taylor, who stepped up from vice-chairman to executive chairman late last year, said: “I remain satisfied that Paragon is continuing to deliver on the opportunities available to it. We are making steady progress but we still have some hard work ahead of us.”
Revenues were up 21% to £4.53m in the first half of 2015, with the company achieving a small profit of £84,000, compared with a £700,000 first-half loss last year.
Mark Pyrah, interim chief executive, added: “Creative is currently working on a number of high profile projects including Golden Hall for Lambda in Athens, work for MAF across the MENA region, further work for the International Olympic Committee in Switzerland, Portsmouth Boat House 4, Liverpool Museum, Train World in Belgium and work for the BBC and London Zoo.
“The second half of 2015 continues to be focused on the commencement of new contracted projects, the delivery of existing projects, and the exploitation of key license agreements and product partnership sales.”
