7 Aug 2014 13:56
7 August 2014
Immedia Group Plc
("Immedia" or "the Company")
Trading Update
Immedia Group Plc (AIM: IME), which provides bespoke digital music and entertainment channels to leading brands, provides the following trading update:
The Company continues to make progress in 2014. The investment in new managers announced on 15 April 2014 is generating high-quality new business which the Board believes will add further to shareholder value.
Total revenues for the half year to 30 June 2014 will remain materially unchanged when compared with the half year to 30 June 2013, with sales growth in a number of key customers offsetting a lower total of equipment sales to other customers. The balance sheet remains healthy.
New contracts currently in the course of finalisation are expected to add to revenues in the period after 30 June 2014 and in 2015 and beyond. Whilst these new revenues had been expected to contribute earlier in the year to 31 December 2014 than now is likely, their impact in contributing to the development of the business remains on target and their timing slippage temporary.
Overall, the combination of investments in new managers and delays in the start of new business revenues will result in operating profits for the year to 31 December 2014 that will be below market expectations. However, the Board considers this new business to be fundamentally strong and affirms its decision to invest in staff to grow the business with new delivery technologies and specific audience opportunities available to Immedia.
The Board expects to publish the Company's statement of interim results for the half year to 30 June 2014 in September 2014.
Enquiries:
Immedia Group Plc | |
Bruno Brookes - Chief Executive | +44 (0) 1635 556200 |
Daniel Stewart & Company Plc | |
Paul Shackleton | +44 (0) 207 776 6550 |