PEL expects full-year revenue and EBITDA to be materially ahead of current market expectations
Shares in Paragon Entertainment (LSE: PEL), rose more than 30% as the market opened this morning after the AIM-listed company put out a trading update for the financial year saying it expected revenue to beat expectations by 20% and EBITDA to be double expectations.
The Board expects revenues for the full year to 31 December to be c.£13.2m, beating expectations by 20% (£11m), and EBITDA for the same period to be c.£1.0m, double prior estimates of £0.5m.
The entertainment and attractions specialist said it had moved beyond distractions of recent years, and staff and management had been able to focus efforts on its core attraction 'design and build' business. Management are confident that its current order book gives Paragon lots of opportunity for continued growth for the year ahead.
Mark Taylor, Chairman of the Group, said:
"...Paragon has worked extremely hard over the last two years to grow the business while continuing to produce the quality and innovation that is expected of us as a market leader.
This year we have also invested heavily in building capacity to prepare us for growth in the years ahead."
