Main Event touts promising business from MStyle
Main Event Entertainment Group Limited reported substantial interest in the offerings of the new business unit targeted at the wedding market, in a quarter that saw a contraction of the promotion company's bottom line.
Main Event earned $48 million in the April quarter on revenue of over $340 million, but that was 6.6 per cent less profit than the $51.3 million netted in the comparative period for 2017. Still, the company is ahead relative to its half-year performance in 2017.
Six-month profit at April was up $6 million, from $75 million to $81 million, while revenue grew from $652 million to $702 million in the period.
The promotions company, led by CEO Solomon Sharpe and Chief Operating Officer Richard Bair, sees promise in MStyle in the periods ahead.
"While requiring significant research and development and product-related expenditure, our new product initiative, MStyle, has shown considerable promise in the quarter.
Our promotional efforts have generated strong interest in the MStyle product offering and experience, and our executions to date have received positive reviews from actual and potential customers," said Main Event in a statement to stockholders accompanying the second-quarter financial results.
Last year, Main Event acquired a 1,000- square-foot property in Kingston that warehouses MStyle equipment and operates as a showroom.