(Alliance News) - MediaZest PLC on Friday said it expects to build upon last year's profit despite "difficult" first half.
The audio visual solutions provider said the first half of its current financial year, which started in April, has proved difficult against a challenging macroeconomic backdrop in the UK, felt particularly keenly in the retail sector.
However, MediaZest said this has been mitigated by cost savings implemented at the beginning of 2019 and ongoing contractual revenue, which continues to renew at a healthy rate.
Looking ahead, the AIM-listed company said the second half is set to be "much improved" with two large projects set for completion between November and December, which should generate profitability in the quarter ending December 31.
"At this stage it is too early to be able to forecast full year results but pending successful upcoming pitches the board expects to build upon last year's profit for the current financial year despite the economic environment," MediaZest said in its statement Friday.
The stock was trading 1.6% lower on Friday in London at 0.069 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Mediazest (MDZ)