Paragon reports good platform for growth

Eureka! Children's Museum developed by Paragon Entertainment Limited

Eureka! Children's Museum developed by Paragon Entertainment Limited

First published in Business news
Last updated

YORK based attraction designer and operator Paragon Entertainment has reported the quality of its order book and pipeline are a record levels.

The news comes as the Elvington-based firm, which developed Eureka! Children's Museum in Halifax, Wallace and Gromit Ride in Blackpool Pleasure Beach, and Rugby Museum in Twickenham, reports a shortfall in management's turnover expectations.

In a trading update for the half year to June 30 2014, the group said that a delay of a major Paragon Creative contract earlier in the year has meant that some 2014 work will now move into 2015.

The group said while it expects a large increase in 'design and build' activity from the first half to the second half of this year, the contract delay will result in a small EBITDA loss at the interim stage with full year EBITDA coming in below current management expectations.

However, Paragon Creative, the group's largest division, is working on a number of high profile projects, including the National Museum of Kazakhstan, Kidzania London, Dubai Dreamworks Hotel, Hamley's Russia, Glasgow Science Centre, Harrods Zaha Hadid, Kapsaic Aramco and new Olympic Museum works.

Paragon Entertainment chief executive Mark Pyrah said: "We entered 2014 with a good platform for growth and have developed a five year plan to guide us in achieving our strategic goals.

"While there has been delay in a project award for Paragon Creative in the first half, we are confident that we have in place the contracts and the pipeline to considerably increase our pace in H2 2014 and deliver a 10 per cent growth in revenue and EBITDA for the full 2014 year."

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