MediaZest losses widen on 'significant' project delays
Audio-visual company MediaZest saw losses widen in its last financial year as stronger margins were offset by a dip in revenues.
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The AIM-listed company turned in an 80% bigger loss after tax of £256,000 for the year ended 31 March, as significant delays to three substantial projects adversely affected the group's bottom line. Losses per share edged up to 0.02p from 0.01p.
Gross margins improved from 44% to 48%, however, a 6% fall in revenue to £2.81m resulted in a 5,550% deeper loss before income, tax, debt and amortisation of £113,000.
Despite claiming it had made "much progress" during the year, MediaZest admitted that it was "disappointed" with the financial results for the year.
"Although there has been much recent progress in business structure terms, the board recognises that financial results need to improve and is looking to achieve this in FY19," said chairman Lance O'Neill.
MediaZest expects to make "substantial progress" in financial performance at the group and operational levels for the period ending 30 September.
As of 0900 BST, MediaZest shares had dropped 6.25% to 0.15p.