MediaZest trading positively in second half

19th Jul 2023 10:36

(Sharecast News) - Audio-visual specialist MediaZest reported positive trading in an update on Wednesday.

The AIM-traded firm said it had experienced significant new business wins with both new and existing clients, reinforcing its position in the market.

Additionally, recurring revenue streams and margins were described as robust.

The company said its recently-established European subsidiary in the Netherlands, aimed at facilitating project delivery in EU countries, had shown strong performance since its inception late last year.

MediaZest said it had secured new business wins in multiple EU countries, which were expected to generate revenue topping €0.5m.

In the UK, MediaZest said it was seeing continued growth in client work during the second half of the year ending 30 September.

The firm said it had successfully undertaken new projects for a number of existing clients, including Pets at Home, Hyundai, HMV, and Lululemon.

Its board said it was maintaining a confident outlook for the second half, emphasising the encouraging trend in business performance.

"As expected, the establishment of our subsidiary in the Netherlands has already begun to pay off, with additional revenues generated and multiple new client projects under negotiation," said chief executive officer Geoff Robertson.

"The volume of UK business also remains encouraging with existing clients and new customers engaging with us to deploy projects, all of which bodes well for the longer term growth prospects of the group."

At 0940 BST, shares in MediaZest were up 32% at 0.06p.

Reporting by Josh White for Sharecast.com.