Statement re results and trading update

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

PR Newswire

London, December 22

22 December 2021

Grand Vision Media Holdings Plc

("GVMH" or the "Company")

Further update on Audit and Interim Results and Trading Update

Following the announcements on 1 July 2021 & 29 October 2021, the Company continues to work towards the finalisation of its annual report and accounts for the year ended 31 December 2020 and the interim results for the 6 months to 30 June 2021.

Unaudited revenue for 12 months ending 31 December 2020 was HKD 5,827K (audited 2019 : HKD 12,034K) and unaudited revenue for 6 months ending 30 June 2021 was HKD 1,742K (unaudited 2020 : HKD 6,045K).

The Directors of the Company are currently exploring funding options which are necessary to bolster the financial position of the Company which has been adversely impacted by the pandemic. Once this funding is in place the Company will finalise its accounts on a going concern basis and expect an unqualified audit report to be obtained.

The outdoor media advertising market continues to be very weak and the new Omicron strain of COVID-19 is expected to lengthen the recovery profile of the sector. We continue to explore other opportunities and opportunities including, but not limited to, the marketing of PPE products although as previously announced the global logistics crisis is delaying any positive impact on our cashflow.

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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