30th Sep 2019 13:00
(Alliance News) - Marketing consultancy firm Immedia Group PLC said on Monday its interim loss widened significantly while it also anticipates a difficult remainder of the year.
Shares in Immedia were down 47% at 9.50 pence in London on Monday.
Revenue for the first half of 2019 fell to GBP1.7 million from GBP2.0 million in the same period a year ago, with the firm's pretax loss multiplying to GBP457,181 from GBP35,220.
In addition to the lower revenue, the firm saw administrative expenses rise to GBP1.4 million from GBP1.1 million.
"Although it is always encouraging to witness the considerable progress that our business has made in terms of improved client engagement across our portfolio, unfortunately this is overshadowed by the increasingly uncertain political and economic environment we find ourselves working in which has fed down to our business," said Chief Executive Bruno Brookes.
"As a result, the group is experiencing delays in both existing and new business channels where previously we had been close to securing additional opportunities. Increasingly customers are nervous to commit in the short-term leading to spending decisions either cancelled or postponed until the outlook is more settled," he said.
Brookes added that the company expects the remainder of the year to be "difficult" but incremental revenue streams will be delivered, albeit on a "more extended timescale" than previously hoped.
By Lucy Heming; [email protected]
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