The publicly listed firm, which markets, sells and administers promotional and mall retail space, attributed the positive results to growth in the UK and Germany.

Growth of 16% was recorded in promotions and 27% in retail in the firms UK operations. The German arm saw revenue growth of 43% with overall revenue of £1.8 million, up from £1.3m in 2022.

EBITDA stood at £548,000, up from £323,000 in 2022, representing a notable improvement from the previous year, while operating profit swung from a loss of £9,000 in 2022 to £239,000.

Chairman George Watt emphasised the strategic direction of the company, citing clear growth opportunities in the UK and Europe. With the necessary resources and ambition in place, the company aims to capitalise on these opportunities for sustainable profit growth in the coming years.

Mr Watt said: “While there were still economic headwinds to overcome in 2023, the business has seen the continuation of the growth trends from 2022 of strong top line revenue growth in the UK and Germany.

“Importantly, this has now positively impacted into both operating profit and profit before tax and the board believes that there is further sustainable profit growth to come in future years as we execute on the strategic growth goals for the group.”

He added: “The business remains strongly cash generative which has limited capital expenditure needs and, as I have noted previously, we will look to return to paying dividends at a suitably prudent time when distributable reserves permit.”

CEO Nancy Cullen said: “It is great to be reporting our return to profitability and even better to be showing growth across all the sectors in which we operate.

“It is particularly encouraging to see our experiential division recording its best ever Q4 results in the 24 year history of the Company.

“Our ability to grow and develop the business is dependent on us understanding the needs of both our property groups and our space buyers and we are heavily invested in listening to our clients and responding to their evolving demands.”

She continued: “We have ambitious plans over the next 12 months to continue to grow our retail services, increase the information available to brand agencies to increase the site specific data and insights available to our brand and marketing agency clients to better inform their purchasing and planning decisions around the venues we represent.

“We also continue to develop in Europe and ensure that we are in tune with all our property clients in terms of delivering the revenues, products, and services that add value to their venues.”