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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 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Services, Nec | 2.34M | -553k | -0.0003 | -2.00 | 1.02M |
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MediaZest Plc
("MediaZest", the "Company" or "Group"; AIM: MDZ)
Unaudited results for the six months ended 30 September 2016
CHAIRMAN'S STATEMENT
Introduction
The Board is pleased to report the unaudited results for the six months ended
30 September 2016 for MediaZest plc and its wholly owned subsidiary company
MediaZest International Ltd ("the Group").
Financial Review
* Revenue for the period was GBP1,474,000 down 8% (2015: GBP1,605,000).
* Gross profit was GBP631,000 up 2% (2015: GBP619,000).
* Gross margins improved to 43% (2015: 39%).
* EBITDA was a profit of GBP4,000 (2015: profit of GBP8,000).
* The basic and fully diluted loss per share was 0.01 pence (2015: 0.01
pence).
* Cash in hand at period end GBP137,000 (2015: GBP36,000).
Operational Review
The six months to 30 September 2016 is consistent with the comparable period,
and has again generated a positive EBITDA. Cash in hand improved to GBP137,000 at
the period end (2015: GBP36,000), full details can be seen in the notes to these
results.
Turnover has decreased by 8% against the comparable period in the prior year,
however a significant improvement has been achieved in the gross profit margin
which has increased from 39% in the prior period to 43%. In turn, this has led
to increased gross profit to GBP631,000 (2015: GBP619,000). This increase in margin
is as a result of the Board's ongoing strategy of focussing on providing a full
service offering to our client base. As well as equipment sales and
installation fees, new business efforts are currently targeted towards
providing ongoing managed services that include maintenance, content management
and data analytics. These services are performed using in house engineering
resources, are highly skilled and generate better gross margins for the Company
as well as allowing us to more accurately predict future revenues and plan
growth accordingly.
This initiative is ongoing and continues to demonstrate success.
During the six month period to 30 September 2016, revenue has continued to be
generated predominantly across the retail, corporate and education sectors.
The Retail sector (including Automotive Retail) continues to be the area of
best performance, and largest opportunity. The thought leadership and delivery
innovation the Group has developed over recent years is standing it in good
stead to pitch on increasing levels of new business opportunity.
In addition to UK based projects, the Group has delivered a number of overseas
installations this year, and is currently pitching for opportunities across
Europe and beyond. The Board believes these markets offer substantial growth
areas for the Group and has invested considerable effort building support
partnerships with local suppliers in key markets to facilitate such project
delivery and ongoing maintenance of the resulting solutions. For our clients,
using MediaZest's services across multiple markets allows them to deliver brand
consistency and assure quality.
Highlights of the six month period included delivery of several new projects
with existing clients such as Hyundai, HMV, Kuoni, Rockar, Diesel, Farrow &
Ball and Ted Baker (combined revenue in the period GBP600,000), but also new
business wins with Halfords, Virgin Media and LG (combined revenue in the
period GBP172,000). Further afield, in May 2016 the Company successfully
installed a high resolution video wall for Ugg, part of the Deckers group, in
their new flagship store in Florida.
During the period the Company completed the bulk of its work on the latest
Rockar showroom, this store was the first Rockar have completed with Jaguar
Land Rover. Work included a unique articulated video wall that is capable of
rising over 3 metres into the air to activate the shop window and reveal the
latest Jaguar Land Rover model. This is another first for the Company and we
believe unique in the UK retail sector, demonstrating the value of the high
quality engineering services that MediaZest delivers. This showroom has already
been nominated for a major award.
Recent successful work with Rockar, Hyundai and Jaguar Land Rover, has led to
several enquiries and potential opportunities in the automotive sector that the
new business team are currently working on.
On 12 August 2016, the Board informed shareholders of two potential
transformational projects the Company is working on. Both projects are
inter-related and the Company expects to perform a pilot test on each in the
first quarter of calendar year 2017. If the pilot tests are successful, the
Board's expectation is that these projects would move forward and help generate
material growth in revenues in the next financial year, 2017-18.
Overall strategy continues to be to focus the sales effort on a concentrated
number of high profile clients, providing innovative audio visual solutions
which have the potential to generate ongoing long term business opportunities,
across multiple sites, and to pursue greater recurring revenues by providing a
fully managed delivery and ongoing support service to those clients.
The strategic objective continues to be that of generating client loyalty
through excellence of delivery, coupled with offering a diverse product range
including the Group's own products. As noted above, recurring revenues are at
the forefront of this strategy and are being increased by offering contracts
for service and maintenance, content production and management, additional
consultancy and data analysis work.
The Board continues to assess suitable candidates for the role of finance
director and, pending an appointment, has re-configured existing resources to
meet the Company's reporting and financial systems of control requirements.
Fundraising During the Period
During the period, the Board moved in advance of the EU referendum vote 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 of GBP17,000 on 11 May 2016.
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.
Intellectual Property
The Group continues to develop its "MediaZest Retail Analytics" product and
pitch it to interested retailers. Like much of the Company's product portfolio,
it is a high quality solution, however the cost of this particular technology
has proved prohibitive to some retailers. Nevertheless, it continues to be an
attractive value add solution to the Group's client base and the Board has
supplemented the Company's offering in this area by adding a lower cost 3rd
party solution. This provides alternative audience measurement and data capture
products which form a suite of options the client can implement. In this way,
the Company is able to maximise value add for the client and revenues generated
for shareholders.
As noted in the full year results, to help increase take up, the Company has
moved to overcome the investment hurdle by offering this solution to clients in
a Software as a Service ("SaaS") model.
Operating Costs
The Board continuously reviews costs whilst balancing investment in the sales
process. In 2015, the Group reduced administrative expenses substantially and
these costs savings have been maintained, ensuring overheads remained
consistent to the prior period at GBP627,000 (2015: GBP611,000). It is the Board's
intention to maintain this tight control over expenses.
Outlook
The Board is pleased with the progress made in the first half of the year, and
believes this will continue during the remainder of the year.
Improvements in recurring revenue streams continue, and coupled with tight cost
control and new business wins for the second half of the current financial
year, the Board is looking to deliver improved results for the full year ended
31 March 2017. However, this is subject to the acquisition, timing and delivery
of certain upcoming key projects.
Lance O'Neill
Chairman
13 December 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2016
Unaudited Unaudited Audited
Six months Six months 12 months
Notes 30-Sep-16 30-Sep-15 31-Mar-16
GBP'000 GBP'000 GBP'000
Continuing Operations
Revenue 1,474 1,605 3,144
Cost of sales (843) (986) (1,813)
Gross profit 631 619 1,331
Administrative expenses (627) (611) (1,273)
Share based payment charge - - (139)
EBITDA 4 8 (81)
Administrative expenses - (38) (34) (79)
depreciation & amortisation
Operating Loss (34) (26) (160)
Interest (37) (49) (87)
Loss before taxation (71) (75) (247)
Taxation credit 4 15 (1)
Loss for the period and total (67) (60) (248)
comprehensive loss for the period
attributable to the owner of the
parent
Loss per ordinary 0.1p share
Basic 2 (0.01p) (0.01p) (0.02p)
Diluted 2 (0.01p) (0.01p) (0.02p)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2016
Unaudited Unaudited Audited
As at 30-Sep-16 As at 30-Sep-15 As at
31-Mar-16
GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 2,772 2,772 2,772
Property, plant and 63 79 78
equipment
Intellectual property 26 49 39
Total non-current assets 2,861 2,900 2,889
Current assets
Inventories 99 85 68
Trade and other receivables 491 603 353
Cash and cash equivalents 137 36 9
Total current assets 727 724 430
Current liabilities
Trade and other payables (1,086) (1,233) (944)
Financial liabilities (385) (452) (452)
Total current liabilities (1,471) (1,685) (1,396)
Net current liabilities (744) (961) (966)
Non-current liabilities
Financial liabilities (35) (24) (57)
Total non-current (35) (24) (57)
liabilities
Net assets 2,082 1,915 1,866
Equity
Share Capital 3,499 3,299 3,299
Share premium account 5,221 5,138 5,138
Other reserves 146 7 146
Retained earnings (6,784) (6,529) (6,717)
Total equity 2,082 1,915 1,866
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 SEPTEMBER 2016
Share Share Share Retained Total
Options
Capital Premium Reserves Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March 2015 3,299 5,138 7 (6,469) 1,975
Loss for the period - - - (60) (60)
Total comprehensive loss - - - (60) (60)
for the period
Balance at 30 September 3,299 5,138 7 (6,529) 1,915
2015
Loss for the period - - - (188) (188)
Share based payment charge - - 139 - 139
Total comprehensive loss - - 139 (188) (49)
for the period
Balance at 31 March 2016 3,299 5,138 146 (6,717) 1,866
Loss for the period - - - (67) (67)
Total comprehensive loss - - - (67) (67)
for the period
Issue of share capital 200 100 - - 300
Share issue costs - (17) - - (17)
Balance at 30 September 3,499 5,221 146 (6,784) 2,082
2016
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2016
Unaudited Unaudited Audited
Six months Six months 12 months
Note 30-Sep-16 30-Sep-15 31-Mar-16
GBP'000 GBP'000 GBP'000
Net cash used in operating activities 3 (95) (171) (103)
Taxation 70 111
-
Cash flows used in investing
activities
Purchase of plant and machinery (12) - (26)
Disposal of plant and machinery 11 14 14
Purchase of intellectual property - (12) (14)
Net cash (used in) / generated from (1) 2 (26)
investing activities
Cash flow from financing activities
Other loan repayments (10) (8) 50
Shareholder loan receipts / 28 18 (7)
(repayments)
Interest paid (48) (49) (87)
Proceeds of share issue 250 - -
Share issue costs (17) - -
Net cash generated from financing 203 (39) (44)
activities / (used in)
Net decrease in cash and cash 107 (138) (62)
equivalents
Cash and cash equivalents at beginning of (223) (161) (161)
period / year
Cash and cash equivalents at end of 4 (116) (299) (223)
period / year
NOTES TO THE FINANCIAL INFORMATION
1. Basis of preparation
The Group's annual financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted for use in the EU
applied in accordance with the provisions of the Companies Act 2006 applicable
to companies preparing financial statements under IFRS.
Accordingly, the consolidated half-yearly financial information in this report
has been prepared using accounting policies consistent with IFRS. IFRS is
subject to amendment and interpretation by the International Accounting
Standards Board (IASB) and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the European Commission. The
financial information has been prepared on the basis of IFRS that the Directors
expect to be applicable as at 31 March 2016.
This interim report does not comply with IAS 34 "Interim Financial Reporting"
(as adopted by the European Union), as permissible under the AIM Rules for
Companies.
Going Concern
The Directors have considered financial projections based upon known future
invoicing, existing contracts, pipeline of new business and the number of
opportunities it is currently working on, particularly in the Retail sector. In
addition, these forecasts have been considered in the light of the ongoing
challenges in the global economy, previous experience of the markets in which
the Group 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 Group will generate sufficient cash resources to meet its
liabilities as they fall due over the next 12 month period from the date of
this interim announcement.
As a result the Directors consider that it is appropriate to draw up the
financial information 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.
Non-statutory accounts
The financial information contained in this document does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act 2006
("the Act").
The statutory accounts for the year ended 31 March 2015 have been filed with
the Registrar of Companies. The report of the auditors on those statutory
accounts was unqualified, did not draw attention to any matters by way of
emphasis and did not contain a statement under Section 498(2) or (3) of the
Act. The financial information for the six months ended 30 September 2016 and
30 September 2015 is not audited.
2. Loss per share
Basic loss per share is calculated by dividing the loss attributed to ordinary
shareholders of GBP67,000 (2015: GBP60,000) by the weighted average number of
shares during the period of 1,195,801,597 (2015: 1,039,757,641). The diluted
loss per share is identical to that used for basic loss per share as the
exercise of warrants and share options would have the effect of reducing the
loss per share and therefore is not dilutive under International Accounting
Standard 33 "Earnings per Share".
3. Cash used in
operations
Unaudited Unaudited Audited
Six months Six months 12 months
30-Sep-16 30-Sep-15 31-Mar-16
GBP'000 GBP'000 GBP'000
Operating loss (34) (26) (160)
Depreciation of tangible assets 25 22 55
(Profit) / Loss on sale of tangible (9) 7 0
assets
Amortisation of intangible assets 13 12 24
Decrease / (increase) in inventories (31) 2 19
(Decrease) / increase in payables 75 (118) (303)
(Increase) / decrease in receivables (134) (70) 123
Share based payment charge - - 139
Net cash outflow from operating (95) (171) (103)
activities
4. Cash and cash
equivalents
Unaudited Unaudited Audited
Six months Six months 12 months
30-Sep-16 30-Sep-15 31-Mar-16
GBP'000 GBP'000 GBP'000
Cash held at bank 137 36 9
Invoice discounting facility (253) (335) (232)
(116) (299) (223)
5. Subsequent events
There were no subsequent events since 30 September 2016.
6. Distribution of the
half-yearly report
Copies of the Half-yearly Report will be available to the public from the
Company's website, www.mediazest.com, and from the Company Secretary at the
Company's registered address at Unit 9, Woking Business Park, Albert Drive,
Woking, Surrey, GU21 5JY.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No 596/2014.
Enquiries:
Geoff Robertson
Chief Executive Officer
MediaZest Plc 0845 207 9378
Edward Hutton / David Hignell
Nominated Adviser
Northland Capital Partners Limited 0203 861 6625
Claire Noyce / William Lynne / Niall
Pearson
Broker
Hybridan LLP 020 3764 2341 / 2343
END
(END) Dow Jones Newswires
December 14, 2016 02:00 ET (07:00 GMT)
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