Immedia buys Aberdeen-based AVC Media for £200,000

7th Sep 2016 08:58

(ShareCast News) - Digital audio content supplier Immedia's shares soared on Monday morning, as it bought Aberdeen-based AVC Media for £200,000, to strengthen its multimedia content for clients in retail, sport and education.AIM-listed Immedia bought the company from AVC Media Enterprises and AVCME Holdings in cash, and renamed the company AVC Immedia.The acquisition will operate as a division of Immedia Broadcast and will be a wholly owned subsidiary of Immedia Group.AVC Media's services include audio visual solutions, video conferencing, event production and management, video and 3D animation, web and graphic design and application development. Its works in several sectors in particular oil and gas, football and tourism. Its past and current clients include the FA, FIFA, Shell, BP, Aker, SKY and BT Sport.AVC Business' revenues had declined over the past 18 months, due to low oil prices which caused a number of oil exploration clients to reduce spending, and impacted its trading performance.For the year ended 31 March 2015, revenue was £5.9m, profit before tax was £90,000 and net assets was £80,000. AVC companies was placed in administration on 6 September.Immedia chief executive Bruno Brookes, said: "AVC Media has an award-winning, specialist offering and a very experienced team. Unfortunately market conditions severely affected the business, but this has enabled us to acquire AVC Media at a price which we consider to be advantageous."The acquisition of AVC Media strengthens Immedia's multimedia content offering for clients in the group's primary target sectors of retail, workforce, sport and education. AVC has a strong client list and we believe that both businesses will benefit from working closely together, generating excellent access and cross-selling opportunities and providing a wider range of integrated digital services and solutions."Shares in Immedia were up 14.62% to 29.80p at 0855 BST.