Paragon Entertainments Ltd, holding company of Paragon Creative Limited and The Visitor Attraction Company (TVAC), reports annual results.
The AIM listed business acquired Paragon Creative, the attractions design, production and fit-out specialists, just before the financial year end and therefore the results represent those of Paragon Entertainment as a cash shell. However Paragon Creative’s turnover is reported to have tripled in the year and the company is planning to increase its workforce by 50% over the next six months.
Related: Paragon Creative Profile/ Paragon Entertainment Acquire The Visitor Attraction Company (TVAC) / Museums and Heritage: Interview with Colin Pyrah, founder Paragon Creative
In his report as Chief Executive, Mark Pyrah set out Paragon’s strategy to create growth by developing a diversified attractions business. The company aims to expand hortizontally to provide attractions operations services as well as the design and build expertise that Paragon Creative is known for.
2011 Highlights
- Acquisition of Paragon Creative Limited for £4.0m
- Fundraise of £2.5m (£2.0m net of expenses)
- Cash balances at 31 December 2011 of £2.3m
- £2.9m operating loss (of which £2.4m relate to exceptional expenses including equity settled payments)
Post year end
- Completed high profile projects including the new Titanic visitor attraction in Belfast, Sea City Museum in Southampton, Chocolate - York's Sweet Story, The Lost Cellars at Alnwick Castle and the Cairo Children's Centre for Creativity.
- Significant business wins in Design and Build division - £11 million worth of projects due for delivery over the next 18 months with the scale of projects increasing.
- Acquisition of TVAC, a provider of strategic development, operating and project management for the attractions industry, in April 2012.
- Strategic recruitment in Production, Sales, Graphic and Experiential Retail Design specifically with the recruitment of the Drinkall Dean team, an experienced interior and retail designers.
- The company has developed concepts for its own attractions including Quest, a crystal maze-style adventure concept, and Urban Adventure, a high wire concept.
Outlook
- Design and Build performing ahead of expectations
- Roll out of first proprietary attractions expected by the end of 2012