Revenue losses up to December, 2020, expected to be over £110mln, are barely offset by the £24mln made in April and May with contracts for temporary hospitals and drive through test centres, the company revealed as it reported an extended period of full-year results.
The temporary seating specialist said it is not sure whether there will be further cancellations of events beyond September or what the longer-term implications are for the event industry.
Following the consolidation of acquisitions made in 2018, the AIM-listed firm had planned for 2020 as a record year with deals signed for high-profile events, including the Ryder Cup and the Tokyo Olympics.
In the 15 months to March 31, 2020, Arena's revenue jumped by 36% to £180mln and its loss after tax widened 91% to £23mln. The period contains the usually quiet winter months and was compared to the 12 months to December 31, 2018.
Arena shares tanked by 20% to 5.4p on Friday morning.