LONDON (Alliance News) - MediaZest PLC on Friday said its pretax loss narrowed in its financial year thanks to a 27% year-on-year rise in revenue, and the company said it was targeting achieving bottom line profit after tax in its net financial year, citing a strong pipeline.
The audio-visual company posted revenue of GBP3.1 million for the year ended March 31, up from GBP2.5 million a year earlier, causing pretax loss to narrow to GBP247,000 from GBP776,000 a year earlier. The company recorded an earnings before interest, tax, depreciation and amoritsation loss of GBP81,000 for the year from GBP625,000 a year earlier.
MediaZest said it had looked to increase its emphasis on enhancing the quality of revenue over the last year and a half, by growing recurring revenue, which has given it a "much stronger base to begin the financial year than in previous years".
The company said it had also broadened its service offering to include ongoing data reporting and software licenses, which added to the revenue derived from its traditional service and maintenance contracts, content creation, audio licensing and content management.
MediaZest said it was looking to build on its earnings before interest, tax, depreciation and amortisation performance over the next financial year, as well as deliver bottom line profit after tax "for the first time".
MediaZest added that its pipeline opportunities were very strong across a wide range of clients, including two unnamed large potential roll-out projects "tentatively scheduled for the second half of this calendar year / first half of calendar year 2017".
Either one of these projects would have a potentially transformational effect on the business, MediaZest said, but added that ongoing business with other customers continues to be prioritised.
Shares in MediaZest were up 4.8% at 0.152 pence on Friday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Mediazest (MDZ)