21st Apr 2016 08:40
LONDON (Alliance News) - Immedia Group PLC clung onto profit in what it called a "challenging 2015", but expressed Thursday confidence going forward as it saw strong opportunities in the first quarter of 2016.
The digital media company reported a pretax profit of GBP5,379, down from GBP150,930 in 2014, as revenue declined to GBP2.4 million from GBP2.6 million. After tax, Immedia's recorded a GBP94,681 loss, widened from GBP86,310 the year before.
The company worked to replace business from Lloyds Banking Group whose contract expired in 2015, it said, winning a client in BT Group PLC's Openreach broadband infrastructure division.
During the period the company opted to reclassify its investment in Audioboom Group PLC as available for sale, and said it made a loss on this investment of GBP352,000.
On Monday, Immedia announced it had signed a five-year deal to provide in-store radio services to franchisees of fast-food chain Subway. No specific financial details were disclosed, but Immedia said it will get an annual subscription fee per franchisee site.
"We are engaging new clients across all our sectors and expect to provide you with positive news in the coming months. The board is confident that the group is well positioned to capitalise on our first to market solutions in the short to mid-term," said Chief Executive Officer Bruno Brookes in a statement.
Shares in Immedia were down 5.7% at 23.10 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
IME.L