LONDON (Alliance News) - Shares in Media agency Mediazest PLC dropped Monday after poor full-year results. The company said that it had endured a disappointing year ended March 31, with turnover falling short and widening losses as a large project was rescheduled and long standing client HMV went into administration.
The group posted a pretax loss of GBP551,000, widened from GBP424,000 in the previous year. Revenues dropped to GBP1.9 million from GBP2.5 million.
Mediazest said much of the decrease in revenue was due to the rescheduling of a large project that had been expected to generate revenue in excess of GBP400,000 in recent financial year to the current financial year.
Despite the disappointing results, the company said it remained confident after securing a significant global contract in April, which it expects to deliver revenues in excess of GBP1 million over 18 months.
The company has taken steps to expanding its business by transferring its offices to Woking and setting up a demonstration showroom in Shoreditch. It said that it has seen a successful start to the financial year ending March 31 2014, having booked revenue within the first five months in excess of the corresponding period in 2013.
Mediazest shares were trading down 27% at 0.251 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Mediazest (MDZ)