Statement re results and trading update

Grand Vision Media Holdings plc - Statement re results and trading update

PR Newswire

London, October 29

29 October 2021

Grand Vision Media Holdings Plc

("GVMH" or the "Company")

Update on Audit and Interim Results and Trading Update

Following the announcement on 1 July 2021 that the listing of the Company’s shares has been suspended, the Company continues to work towards the finalisation of its annual report and accounts for the year ended 31 December 2020. The interim results for the 6 months to 30 June 2021 were due to be released by today, and these results will now be released at the same time as the annual report and accounts.

When the annual report and accounts, together with the interim accounts, are filed, the Company will request that the suspension be lifted and that trading in the Company’s ordinary shares resume.

Trading Update

The results for the first half of 2021 continue to be adversely impacted by the pandemic. The outdoor media advertising market continues to be very weak. We continue with our ongoing cost cutting measures and have maintained a minimum but adequate staffing level in China. Our Hong Kong based digital marketing team is stable and developing.

We continue to explore other opportunities including the marketing of PPE products. Although we have had some success, we have been adversely affected by the global logistics crisis which has delayed the completion of the deals on hand and hence collection and recognition of our revenue, which we believe will catch up in the second half of the year.

We also plan to resume some of our delayed overseas projects in the second half of the year as we anticipate some relaxation in travel restrictions across Asia.

The Company continues to be supported by the major shareholders, whilst it navigates through the uncertainties and disruption caused by COVID-19.

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