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MediaZest posts loss as pandemic crimps sales

By BFN News | 08:00 AM | Friday 18 September, 2020


Audio visual marketing group MediaZest booked a full-year loss after the Covid-19 crisis crimped sales. Pre-tax losses for the year through March amounted to £311k, compared to a small £6k profit on-year. Revenue fell 27% to £3.3m. The company described the update as its 'second interim results' after it in April extended its current accounting year to 30 September to defer audit costs until later in the year. It said it had seen a substantial improvement in its financial performance in the second half of 2019 following a delayed project with a UK university. However, that progress was curtailed from mid-February by the pandemic. MediaZest said further client sites had re-opened and in May 2020 and that it had delivered on the first two of its previously delayed projects. 'There were several other projects similarly completed in June and July 2020 and the board expects that all previously delayed projects will be delivered before the end of 2020,' it said. MediaZest said it remained difficult to fully assess the extent to which the pandemic would affect forthcoming trading. In response, it said it was investigating several new lines of business, all associated with the audio-visual market. 'The company continues to receive enquiries from potential new clients although these remain below the expected levels for this time of the year,' it added. 'Existing customers continue to require the company's services and several long term roll out projects that the group had begun delivering have now restarted.' 'Demand from ongoing clients is expected to remain strong.' 'The board is working on the assumption that the disruption caused by the pandemic will have an impact deep into 2021 and continues to plan accordingly, searching for new revenue streams whilst managing costs carefully.' At 8:00am: (LON:MDZ) MediaZest PLC share price was -0.01p at 0.04p Story provided by StockMarketWire.com

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