Despite the significant impact caused by the pandemic to the global events industry, Arena was able to record positive Adj EBITDA of £4.4m in H1/21A, and achieve zero cash burn. This was attained by securing numerous Covid-related projects, and tight cost control. With uncertainty remaining around the speed at which normality could return to the event industry, we do not produce forecasts, and maintain our Under Review rating. However, we note that liquidity remains robust at the group, which sh ....