LONDON (Alliance News) - Media agency Mediazest PLC on Monday said its pretax loss widened in its 2015 financial year on the back of declining revenue, caused by a project delay, and saw its shares plunge lower in early trade.
Mediazest said its pretax loss for the year to the end of March widened to GBP776,000 from GBP675,000 a year earlier. Revenue for the group was down to GBP2.5 million from GBP2.9 million.
The decline in revenue was driven by the delay of a major project into the current financial year, but the group said it won a number of key contracts in the year, including with car company Hyundai and The Post Office Ltd.
The group also said it will seek to improve its financial performance this year, acknowledging that its 2015 results did not reflect the "good commercial progress" it saw.
Shares in the company were down 18% in early trade to 0.159 pence, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Mediazest (MDZ)