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Immedia warns annual profit will miss current market expectations

By BFN News | 01:37 PM | Monday 22 July, 2019


Multi-media content provider Immedia warned that its annual results would miss market estimates after it failed to finalise expected contracts. Revenue for the year through December was expected to be at least £4.1m resulting in an Ebitda loss in the region of £0.3m, the company said. However, it added that 'the board anticipates the outturn to be better given the current pipeline.' Immedia said that it expected several earlier business opportunities would materialise into contracts during the second quarter. 'However, contract conversions are taking longer than first anticipated, therefore impacting the budgeted performance of the first half of the year,' it added. 'Whilst we remain confident that the expected proportion of new business opportunities will occur, we cannot be certain of the timing, or that a substantive level of this business will come on stream in the current financial year.' 'As a result of these uncertainties, combined with a number of challenging factors impacting the economy generally and our market sector in particular, the board considers it prudent to revise market estimates for the year ending 31 December 2019 as a whole.' At 1:37pm: (LON:IME) Immedia Group PLC share price was -4p at 17.5p Story provided by StockMarketWire.com

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