MediaZest upbeat about H2, expects rise in annual profit
Audio-visual solutions firm MediaZest said on Friday that it was set to see an improvement in second-half trading after a "difficult" first half, and expects to build on last year's profit.
MediaZest said the pressure on Britain's retail sector, mostly due to a challenging macroeconomic backdrop, had been mitigated somewhat by cost savings implemented at the beginning of 2019 and ongoing contractual revenues, which continued to renew at a healthy rate.
The AIM-listed group said the second half of the year would be "much improved", with two large projects set for completion in November/December, generating significant profitability in the final quarter of 2019.
MediaZest highlighted projects for the likes of Ted Baker, LuluLemon, Pets at Home, Tiffany & Co, Kuoni, HMV and Hyundai. It also noted a marked increase in new business enquiries in recent weeks and several "potentially significant opportunities" due to be pitched in the coming months.
"At this stage, it is too early to be able to forecast full-year results but pending successful upcoming pitches the board expects to build upon last year's profit for the current financial year despite the economic environment," the company said.
At 1020 BST, MediaZest shares were up 17% at 0.082p.