MediaZest shares surge on rising revenue and "encouraging" outlook

Thu, 19th Oct 2023 11:12

(Alliance News) - MediaZest PLC on Thursday said top-line revenue increased in its latest half-year, and said the current year is already presenting "significant and numerous" new business opportunities.

The stock was up 11% at 0.050 pence in London on Thursday morning.

The audio-visual solutions provider, said top line revenue in the second half of the year ended September 30 increased compared with the first half. Operational costs remained stable, while trading at its subsidiary MediaZest International Ltd also improved.

Woking, England-based MediaZest also completed multiple "substantial" projects during the second half, for a variety of long-standing clients including Lululemon, Hyundai and Pets at Home.

MediaZest said its European trading subsidiary started deploying large-scale projects during the fourth quarter of financial 2023. These included work for "a large motor manufacturer" for which a new territory "has already been added", with deployments starting this month.

MediaZest did incur "some additional one-off costs" which offset operational savings, due to its ongoing efforts to expand and acquire new businesses, but said this was "an important element" of its strategy.

Going forward, MediaZest said the outlook for the current financial year was "encouraging", and that "new business opportunities are both significant and numerous". In particular, it said it was "delighted" with its European subsidiary's progress in accessing new business opportunities and pitching new projects to existing clients.

However, MediaZest said it remains mindful of the challenges which the current macro-economic environment might cause, "so continues to keep a tight control on costs, whilst acknowledging the importance of finding and undertaking due diligence on appropriate acquisition targets."

By Emma Curzon, Alliance News reporter

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