Aeorema Communications PLC on Wednesday said revenue was up by half in the first six months of its financial year, reaching a record level on strong growth.

Aeorema shares rose 10% to 75.00p each in London on Wednesday morning.

The London-based live events agency reported revenue for the first half ended December 31 was £7.1 million, increasing 45% from £4.9 million a year ago. The company said that revenue was at a record level, with the first half having been a ‘period of continued growth and major investment for the group’.

Pretax profit was £326.0 million, increasing 27% from £255.7 in the first half of 2021, while basic earnings per share was 3.18 pence, slipping 3.3% from 3.29p. EPS was down due to a tax charge in the recent half-year, compared to a tax credit a year before.

Aeorema noted that its Eventful Ltd business experienced a strong first half, noting that the company is optimistic it ‘will be able to report a return to profitability at the end of the 2023 financial year.’

Aeorema declared a first half dividend of 2.0p per share, compared to no such payout a year ago.

Noting the company’s strong performance, Chair Mike Hale said: ‘We continue to benefit from an increased global footprint, a growing presence in mainland Europe (with the opening of our Amsterdam office), and we continue to seek additional growth opportunities in line with our global growth strategy.

‘We are very confident about the outlook for the remainder of the 2023 financial year. As mentioned earlier, we have more significant projects at Cannes this year than ever before. The investment we have made in strengthening our team and resources is a significant factor in the growth we have achieved, and it provides us with the structure to achieve significant revenue growth going forward.’

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