Arena Events Group (LON:ARE ) reported a revenue increase of 36% in its results for the fifteen-months ended 31 March 2020 but has seen a huge sales hit post period end due to COVID-19.

The events company, which hosts events including Wimbledon and the Ryder Cup, said revenue increased 36% to £183.2m from £135.0m in the 12 months to 31 December 2008.

However, revenue is expected to decrease over £110m to the end of 2020, representing an anticipated net loss of revenues of £86m, representing “a seismic change” for the company this year.

The group, which expected a record performance in the 2020/21 financial year, had signed deals to deliver a number of high-profile events including the Ryder Cup and Tokyo Olympics.

Since March 2020, however, the events industry has halted with no large-scale gatherings having occurred since April and restrictions which are likely to continue for the most part of 2020.

Shares in Arena Events Group were trading 18.52% lower at 5.5p on Friday morning.

Greg Lawless, CEO of the group, said there remains huge uncertainty in the events world and he is still not sure if there will be any further cancellation of events beyond September 2020.

“Our business has had to react quickly to this dramatic and changing environment with little or no sport event revenues from March of this year,” he said, noting the group’s efforts in response to the COVID-19 situation.

He said the group quickly switched its focus towards solutions such as temporary hospitals and drive through test centres which saw “an enormous boost to the April and May revenues.”

Despite the increase, loss after taxation widened to £22.9m from £2.0m in the 12 months to 31 December 2018.

The group said it continues to implement extensive measures to conserve cash including - as of today - a 40% reduction in monthly fixed overheads for as long as the pandemic continues.

“We have been fortunate to have secured financial support from our shareholders and our bank HSBC which, coupled with our "Press Pause" plan, puts us in a relatively strong position to withstand the impact of the lost revenues for the remainder of this year, with the hope that we see a return to mass gatherings at sporting events in early 2021,” added Lawless.

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