17th Aug 2018 09:14
LONDON (Alliance News) - MediaZest PLC said Friday that it was disappointed with its annual results which showed a widened loss and a drop in revenue due to significant project delays.
MediaZest shares were trading down 6.3% at 0.15 pence each after the news.
For the year ended March 31, the company, which creates audio-visual solutions, reported its pretax loss widened to GBP256,000 from GBP146,000 a year ago. Meanwhile, revenue dipped 6.7% to GBP2.8 million from GBP3.0 million the year prior.
MediaZest suffered an earnings before interest, taxes, depreciation and amortisation loss of GBP113,000 compared to a GBP2,000 loss a year ago.
The company said that its annual performance was hit by "particularly frustrating" project delays, whose financial contribution will now be recognised in financial 2019.
"The net impact on the financial 2018 accounts has been that revenues are lower than expected by approximately GBP450,000 and net profit lower by approximately GBP200,000," the company explained.
The company said it expects to make "substantial progress" in the current year, with unaudited revenue already at GBP662,000 and profit of GBP37,000.
"New business activity continues to be brisk and the board expect to announce further significant contract wins in due course," Chairman Lance O'Neill said.
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