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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mediazest Plc | LSE:MDZ | London | Ordinary Share | GB00B064NT52 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.06 | 0.05 | 0.07 | 0.065 | 0.06 | 0.06 | 4,256,576 | 12:39:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Services, Nec | 2.82M | 12k | 0.0000 | N/A | 1.02M |
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MediaZest Plc
("MediaZest"or the "Company"; AIM: MDZ)
Final Results Year Ended 31 March 2017
MediaZest, the creative audio-visual company, is pleased to provide
shareholders with final results for the year ended 31 March 2017.
CHAIRMAN'S STATEMENT
Introduction
The results for MediaZest plc (the "Group") for the year ended 31 March 2017
incorporate the results of its subsidiary, MediaZest International Limited,
which is wholly owned.
Results for the year
* Revenue for the period was GBP3,013,000 down 4% (2016: GBP3,144,000).
* Gross profit was GBP1,313,000 - 1% change (2016: GBP1,331,000).
* Gross margins improved to 44% (2016: 42%).
* EBITDA was a loss of GBP2,000 (2016: loss of GBP81,000).
* Loss after tax of GBP142,000 fell 43% (2016: loss of GBP248,000).
* The basic and fully diluted loss per share was 0.01 pence (2016: 0.02
pence).
* Cash in hand at period end GBP160,000 (2016: GBP9,000).
Business overview
The Group continued to make progress during the year, delivering a full year
unadjusted EBITDA loss of GBP2,000 (2016: loss of GBP81,000). Loss after tax
reduced to GBP142,000 (2016: loss of GBP248,000) after depreciation and
amortisation plus interest - predominantly on shareholder loans.
The operational business, MediaZest International Limited, made a profit after
tax of GBP118,000 (2016: GBP60,000) again showing improvement year on year. In
addition there was a reduction in overhead cost attributable to MediaZest plc
of GBP50,000.
This improvement in financial results was achieved through strategic focus on
permanent installation work, with accompanying growth in recurring revenues,
and continued tight cost control over Administrative Expenses. This policy
continues to be applied and is delivering further progress in the current year.
Finance costs fell to GBP67,000 (2016: GBP87,000) largely as a result of
reclassification of fees included within this category compared to the prior
year.
Turnover for the year decreased by GBP131,000 or 4.2% year on year partly due to
timing on two large projects which were completed shortly after the year end.
However, gross margin increased to 44% (2016: 42%) and as a result, gross
profit was almost identical to the prior year. This increase in margin is
largely a function of the increase in recurring revenues.
Project highlights for the year included:
* third Rockar deployment, at Westfield Stratford, on this occasion with
Jaguar Land Rover
* a substantial retail innovation project for Clydesdale Bank at their new
"Studio B" location (completed in April 2017)
* ongoing work with fashion brands Ted Baker and Diesel
* initial phases of a major retail store for VW at Birmingham Bullring
(completed in July 2017)
* substantial ongoing works with Hyundai in UK showrooms
* a growing number of permanent overseas deployments for clients such as
Farrow & Ball, Ugg (part of Deckers Brands) and Ted Baker
The combined effect of improved margins and reduced administrative expenses
resulted in a substantial reduction in loss after tax to GBP142,000 (2016: GBP
248,000).
STRATEGY
The Board continues to have the following policy to maximise revenues and long
term value in the company:
* Emphasis on maximising opportunities by concentrating the Group's marketing
and sales efforts on acquiring and developing business relationships with
large scale customers which have both the desire and potential of rolling
out digital signage in multiple locations;
* Improve the Group's recurring revenue streams through different managed
service offerings;
* Maintain the emphasis on proprietary products such as MediaZest Retail
Analytics which can generate intellectual property on the statement of
financial position and provide ongoing sustainable revenue streams; and
* Market the Group's 'one stop shop' positioning to a wide range of global
retailers in conjunction with existing partners and continue to grow the
number of overseas deployments.
This strategy has resulted in progress over the last 12 months. In particular,
the growth in recurring revenues has been encouraging and the Group now
provides ongoing managed services for approximately 2,000 screens around the
world. Deployments as far away as Australasia, North America and Asia Pacific
have been added during the last 12 months, and the Board believes this
represents a sizeable opportunity for future growth as more UK and European
based brands look to us our services to maintain consistency in their stores
worldwide.
Consistent with the prior year, the Group continues to see growth in the
development of touchscreen driven customer experiences allowing the consumer to
browse, learn about and interact with our clients' products. MediaZest is able
to design, program, deploy, support and update content on these systems using
our in-house team and this proposition continues to be well received by
clients.
FUNDRAISING DURING THE PERIOD
On 11 May 2016, Board moved to add to working capital funds with a successful
placing of 166,666,800 shares at 0.15p per share to raise GBP250,000 before
expenses.
The shares were admitted to trading on AIM in June 2016.
In addition, GBP50,000 of the outstanding interest due on shareholder loans was
also converted to 33,333,333 shares at the same price.
In the prior year the Group issued share options to employees in order to align
further with shareholder interests and provide additional incentives over Group
performance whilst maintaining close control over wages. No further options
were issued in the financial year ended 31 March 2017.
BOARD APPOINTMENTS AND RESIGNATIONS
Andy Last resigned from the Board on 31 July 2016 and left the Group on 5
August 2016.
The Group has subsequently promoted a new Group Financial Controller internally
to lead the finance team.
Outlook
The Group continues to make progress, whilst the Board recognise further work
needs to be done to realise the Company's full potential.
The increase in recurring revenue contracts has provided a solid base for the
new financial year. It has continued to grow in the current period.
The new year has begun well with the successful completion of the Clydesdale
Bank and VW projects, plus the acquisition of several new clients with
substantial projects in the coming months.
Lance O'Neill
Chairman
Date: 30 August 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2017
Note 2017 2016
GBP'000 GBP'000
Continuing operations
Revenue 3,013 3,144
Cost of sales (1,700) (1,813)
Gross profit 1,313 1,331
Administrative expenses (1,315) (1,412)
EBITDA (2) (81)
Administrative expenses - depreciation & amortisation (77) (79)
Operating loss 2 (79) (160)
Finance costs (67) (87)
Loss on ordinary activities before taxation (146) (247)
Tax on loss on ordinary activities 4 (1)
Loss for the year and total comprehensive loss for the (142) (248)
year attributable to the owners of the parent
Loss per ordinary 0.1p share
Basic (0.01p) (0.02p)
Diluted (0.01p) (0.02p)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
2017 2016
GBP'000 GBP'000
Non-current assets
Goodwill 2,772 2,772
Tangible fixed assets 51 78
Intangible fixed assets 14 39
Total non-current assets 2,837 2,889
Current assets
Inventories 69 68
Trade and other receivables 243 353
Cash and cash equivalents 160 9
Total current assets 472 430
Current liabilities
Trade and other payables (860) (944)
Financial liabilities (424) (452)
Total current liabilities (1,284) (1,396)
Net current liabilities (812) (966)
Non-current liabilities
Financial liabilities (18) (57)
Total non-current liabilities (18) (57)
Net assets 2,007 1,866
Equity
Share capital 3,499 3,299
Share premium account 5,221 5,138
Share options reserve 146 146
Retained earnings (6,859) (6,717)
Total equity 2,007 1,866
The financial statements were approved and authorised for issue by the Board of
Directors on 30 August 2017 and were signed on its behalf by:
Geoffrey Robertson
CEO
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
Share Share Share Retained Total
Options
Capital Premium Reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April 2015 3,299 5,138 7 (6,469) 1,975
Loss for the year - - - (248) (248)
Total comprehensive loss for the year - - - (248) (248)
Share based payment charge - - 139 - 139
Balance at 31 March 2016 3,299 5,138 146 (6,717) 1,866
Loss for the year - - - (142) (142)
Total comprehensive loss for the year - - - (142) (142)
Issue of share capital 200 100 - - 300
Share issue costs - (17) - - (17)
Balance at 31 March 2017 3,499 5,221 146 (6,859) 2,007
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2017
2017 2016
GBP'000 GBP'000
Net cash used in operating activities 222 (103)
Taxation 9 111
Cash flows used in investing activities
Purchase of plant and machinery (23) (26)
Disposal of plant and machinery 11 14
Purchase of intellectual property - (14)
Purchase of leasehold improvements (4) -
Net cash used in investing activities (16) (26)
Cash flow from financing activities
Other loans repayments (42) -
Other loans - 50
Shareholder loan repayments (66) (7)
Interest paid (25) (87)
Proceeds of share issue 250 -
Share issue costs (17) -
Net cash generated from / (used in) financing 100 (44)
activities
Net increase / (decrease) in cash and cash equivalents 315 (62)
Cash and cash equivalents at beginning of year (223) (161)
Cash and cash equivalents at end of the year 3 92 (223)
NOTES TO THE FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The financial information has been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union, and as
regards the parent company financial statements, as applied in accordance with
the provisions of the Companies Act 2006. The financial statements have been
prepared under the historic cost convention unless otherwise stated.
Going concern
The directors have carefully considered the going concern assumption on the
basis of financial projections and the factors outlined below.
The directors have considered financial projections based upon known future
invoicing, existing contracts, pipeline of new business and the increasing
number of opportunities it is currently working on, particularly in the retail
sector.
In addition, these forecasts have been considered in light of the ongoing
economic difficulties in the global economy and the result of the recent EU
referendum, previous experience of the markets in which the company operates
and the seasonal nature of those markets, as well as the likely impact of
ongoing reductions to public sector spending. These forecasts indicate that the
company will generate sufficient cash resources to meet its liabilities as they
fall due over the 12 month period from the date of the approval of the
accounts.
The directors have obtained a letter of support from a shareholder who has
provided a loan to the Group totalling GBP250,000 at 31 March 2017 (2016: GBP
250,000) stating that they will not call for repayment of the loan within the
12 months from the date of approval of these financial statements or, if
earlier, until the Group has sufficient funds to do so.
As a result the directors consider that it is appropriate to draw up the
accounts on a going concern basis. Accordingly, no adjustments have been made
to reflect any write downs or provisions that would be necessary should the
Group prove not to be a going concern, including further provisions for
impairment to goodwill and investments in Group companies.
2. OPERATING LOSS
2017 2016
GBP'000 GBP'000
This is stated after charging/(crediting):
Depreciation of owned tangible assets 23 32
Amortisation of intangible assets 25 24
Depreciation of assets held under hire purchase agreements 29 23
Pension contributions 4 5
Operating lease rentals paid:
- land and buildings 89 69
- other 1 1
3. CASH AND CASH EQUIVALENTS
The Group The Company The Company
The Group
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
Cash held at bank 160 9 - -
Invoice discounting facility (68) (232) - -
92 (223) - -
NOTE TO THE PRELIMINARY RESULTS ANNOUNCEMENT OF MEDIAZEST PLC FOR THE YEAR
ENDED 31 MARCH 2017
The financial information set out above does not constitute the Group's
financial statements for the years ended 31 March 2017 or 2016, but is derived
from those financial statements. Statutory financial statements for 2016 have
been delivered to the Registrar of Companies and those for 2017 will be
delivered following the Group's annual general meeting. The auditors have
reported on the 2016 and 2017 financial statements which carried an unqualified
audit report, did not include a reference to any matters to which the auditor
drew attention by way of emphasis and did not contain a statement under section
498(2) or 498(3) of the Companies Act 2006.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Reporting Standards
(IFRS), this announcement does not in itself contain sufficient information to
comply with IFRS. The accounting policies used in preparation of this
preliminary announcement are consistent with those in the full financial
statements that have yet to be published.
AVAILABILITY OF THE REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
The Report and Consolidated Financial Statements for the year ended 31 March2017 will be posted to shareholders on 4 September 2017 and will also be
available to download from the Company's website: www.mediazest.com
This announcement contains inside information.
Enquiries:
Geoff Robertson 0845 207 9378
Chief Executive Officer
MediaZest Plc
Edward Hutton / David Hignell 020 3861 6625
Nominated Adviser
Northland Capital Partners
Limited
Claire Noyce 020 3764 2341
Broker
Hybridan LLP
Notes to Editors:
About MediaZest
MediaZest is a creative audio-visual systems integrator that specialises in
providing innovative marketing solutions to leading retailers, brand owners and
corporations, but also works in the public sector in both the NHS and Education
markets. The Group supplies an integrated service from content creation and
system design to installation, technical support, and maintenance. MediaZest
was admitted to the London Stock Exchange's AIM market in February 2005. For
more information, please visit www.mediazest.com
END
(END) Dow Jones Newswires
August 31, 2017 02:00 ET (06:00 GMT)
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