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LONDON (Alliance News) - Grand Vision Media Holdings Ltd said on Wednesday its loss for 2018 widened on acquisition costs, despite nearly doubled revenue for the year.
The digital media company reported a pretax loss of HKD33.1 million, or GBP3.2 million, in 2018, widened from HKD11.5 million the year before.
This was due to a doubling in administrative expenses to HKD38.7 million from HKD16.6 million in 2017, included HKD9.8 million in reverse takeover costs, as well as legal and professional fees.
In mid-June last year, Grand Vision Media, formerly known as Simian Global, acquired Hong Kong-based out-of-home media company GVC Holdings Ltd through a reverse takeover for USD16 million in Simian shares.
Revenue grew by 89% to HKD18.0 million in 2018 from HKD9.5 million in 2017, as an increase in locations and overseas clients led to a rise in advertising revenue. The number of 3D display panels rose by 55% over the year to 180.
Looking ahead, Grand Vision said it was well placed to take advantage of growth in the digital signs market, which is expected to be driven by new displays with higher resolution, as well as new types of technology.
Shares in Grand Vision Media were down 1.6% at 15.00 pence on Wednesday.