Small capitalisation company, Staging Connections (STG) was amongst a number of businesses rushing in to disclose their interim results after the last day to lodge ended on Friday.
Staging Connections posted revenue of $93.3 million for the six months to 31 December 2007, up from $69.5 million the previous corresponding period.
Earnings before interest, tax, depreciation and amortisation was $13.9 million, up from $13.2 million previously.
Chief executive officer Michael Gardner said the result was ahead of revenue guidance, but below the earnings guidance announced to the market on 27 November 2007.
The company said there were two non-recurring items totalling $0.9 million which adversely-impacted the first half earnings.
These were the acceleration and expensing of certain costs related to the company’s new Enterprise Resource Platform system and the timing of insurance recoveries related to the fire that destroyed its Melbourne office.
The group declared no dividend, ‘as part of its focus upon funding growth and strengthening the balance sheet the STG Board’.
“The board will look to reinstate dividend payments as soon as practical, consistent with these objectives,’ the company said on Monday.
In providing the update Michael Gardner said STG is focussed on delivering on its full year trading outlook and continued to review and optimise the performance of its operations.
He also welcomed STG’s new CFO and company secretary Jeff Watson who joins STG on 3 March 2008 with impressive credentials in senior financial management.
Staging Connection Group is an international event services company and has operations in 23 countries.
Its Dubai and UK operations outperformed expectations, however Bytecraft and the SE Asian businesses are currently experiencing challenging market conditions.
Shares in STG remained flat at 62 cents throughout the day and closed 3% down at 60 cents. This is less than half of the $1.695 high it reached early in 2007.
