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(Sharecast News) - Audio-visual business Mediazest said on Tuesday that its outlook was "encouraging", with the group experiencing "strong demand" in all four of its operating sectors.
Mediazest said it has continued to win additional new project work since its March update, with a strong uptake across its main vertical sectors of retail, automotive, education and corporate office spaces.
As a result of the new project work, the AIM-listed firm has seen "a notable improvement" in its performance during the second half of the trading year.
In addition to project revenues, ongoing recurring revenue contracts also continued to be robust, with several renewals and new contracts signed in the last four to five months with both new and existing clients.
Chief executive Geoff Robertson said: "We believe a lot of the changes in the workspace environment that were taking hold before the pandemic are being accelerated and following the recent improvement in the company's financial performance, it is the right time to invest in further growing this side of the business.
"Across all sectors, the number of projects coming from established clients and the levels of renewal and growth of recurring revenue contracts are both encouraging and show the results of steadily building the business and client base in recent years."
As of 1000 BST, Mediazest shares had shot up 10.83% to 0.066p.
28 Jun 2022 11:55
IN BRIEF: MediaZest shares rise on interim swing to profit
MediaZest PLC - Surrey-based audiovisual services firm - Swings to a profit in the half-year ended March 31. Pretax profit stands at GBP40,000 versus a loss of GBP160,000 a year ago. Revenue grows to GBP1.4 million from GBP846,000. Firm will establish an office in a mainland European country that is in the EU "to better facilitate project delivery and logistics following Brexit and to capitalise on these new opportunities," Chair Lance O’Neill explains.
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