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LONDON (Alliance News) - MediaZest PLC Monday reported a narrowed pretax loss in the first half of its financial year as revenue rose slightly and it continues to work on tightening costs.
The audio and visual technology provider said its pretax loss in the six months ended September 30 narrowed to GBP75,000 from GBP235,000, as revenue grew 1.6% to GBP1.61 million from GBP1.58 million. Gross profit margin increased to 38.5% from 33.4%.
MediaZest said it generated revenue across each of the retail, corporate and education sectors, including from clients such as The Hyundai Motor Co, Pfizer Inc and Ted Baker PLC. It said it has further work scheduled for completion with Hyundai in the second half of the year.
The company also made savings of GBP84,000 after moving its offices in Shoreditch, East London to London Bridge, and reduced its administrative expenses to GBP611,000 from GBP708,000.
"Whilst improvements in recurring revenue streams have helped with visibility of income, work still remains in this area to improve quality of revenues. The board is optimistic about 2016, however visibility for the next calendar year is unpredictable at this stage and as such, careful control on administrative costs will continue," Chairman Lance O'Neill said in a statement.
"We are encouraged that we are increasingly asked to pitch on longer term projects with the potential to generate substantial revenues over many months, and are continuing to build our pipeline along with a strong client base," he added.
Shares in MediaZest were trading down 2.5% at 0.195 pence Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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