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Immedia narrows losses even as revenue declines
13th May 2021 11:34
(Sharecast News) - Audio-visual communications company Immedia reported a 43% decrease in revenue in its preliminary results on Thursday, to £2.3m.
The AIM-traded firm said its EBITDA trading loss improved to £0.5m for the year ended 31 December, from £0.7m in the prior year.
It raised gross proceeds of £1.1m in September to address uncertainty around the 2020 outturn, via a placing and subscription at 10p per share.
Since the year ended, the group raised further gross proceeds of £3m via a placing and subscription at 25p per share.
Its loss before tax narrowed to £0.73m from £0.99m, while its year-end cash balances increased to £0.46m from £0.24m.
On the operational front, the group said it undertook a full review in 2020 to refine its strategy, resulting in the adoption of a new unified brand - AVC Immedia - and a single message defining its services - 'audio visual communication for brands'.
It also successfully undertook a cost restructuring exercise, which the board said would leave the company "well-placed" for the post-Covid era.
"In a year that presented truly exceptional challenges, the group reacted swiftly to address the immediate issues arising from the Covid-19 pandemic, and subsequently prepared meticulously to meet its new objectives in an uncertain economic climate," said chairman Tim Hipperson.
"Whilst the economic impact of the pandemic has hit the group and its clients hard, the group has made significant reductions to its cost base and increased integration across its sites that allow it to better pursue its objectives in 2021 and beyond."
The AIM-traded firm said its EBITDA trading loss improved to £0.5m for the year ended 31 December, from £0.7m in the prior year.
It raised gross proceeds of £1.1m in September to address uncertainty around the 2020 outturn, via a placing and subscription at 10p per share.
Since the year ended, the group raised further gross proceeds of £3m via a placing and subscription at 25p per share.
Its loss before tax narrowed to £0.73m from £0.99m, while its year-end cash balances increased to £0.46m from £0.24m.
On the operational front, the group said it undertook a full review in 2020 to refine its strategy, resulting in the adoption of a new unified brand - AVC Immedia - and a single message defining its services - 'audio visual communication for brands'.
It also successfully undertook a cost restructuring exercise, which the board said would leave the company "well-placed" for the post-Covid era.
"In a year that presented truly exceptional challenges, the group reacted swiftly to address the immediate issues arising from the Covid-19 pandemic, and subsequently prepared meticulously to meet its new objectives in an uncertain economic climate," said chairman Tim Hipperson.
"Whilst the economic impact of the pandemic has hit the group and its clients hard, the group has made significant reductions to its cost base and increased integration across its sites that allow it to better pursue its objectives in 2021 and beyond."