Contract delays will result in small loss at attractions firm Paragon Entertainments

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ATTRACTIONS company Paragon Entertainment, the firm behind the new Wallace and Gromit ride at Blackpool Pleasure Beach and the £97m Titanic exhibition in Belfast, said delays on a major contract will result in a small half-year loss.

The York-based group 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 the new Olympic Museum works.

Paragon’s CEO, Mark Pyrah said: “Whilst 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 the second half of 2014 and deliver a 10 per cent growth in revenue and EBITDA for the full 2014 year.”

The group said a delay to a major Paragon Creative contract earlier in the year has meant that some 2014 work will now move into 2015.

“Whilst we expect a large increase in ‘design and build’ activity from the first half to the second half of this year, this contract delay will result in a small EBITDA loss at the interim stage with full year EBITDA coming in below current management expectations,” said Mr Pyrah.

The group said its order book is at “record levels”.

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