Grand Vision Media Final Results

 
TIDMGVMH 
 
London, 30 June 2022 
FOR IMMEDIATE RELEASE 
 
 
                        Grand Vision Media Holdings plc 
                          ( "GVMH" or the "Company") 
 
                             Audited Final Results 
 
Grand Vision Media Holdings plc announces its audited final results for the 
year ended 31 December 2021. 
 
The CEO Report 
 
Covid continues to have a significant adverse impact on the Group's performance 
for the year. OOH revenues were severely impacted by the closure of cinemas 
across China, and the closure of businesses in Hong Kong, together with the 
travel restrictions, adversely affected digital marketing revenues. Hong Kong 
and Shanghai both had their worst pandemic outbreak in the first half of 2022. 
There was a high degree of uncertainty throughout that period, with a resulting 
loss in overall business confidence. However, we do believe that the second 
half of the year will see improvements as the pandemic in the Greater China 
area is brought under control. 
 
Summary of Trading Results 
 
Total revenue for the year was HK$3,039K [2020: HK$5,827K], a decline of 48% 
compared to the prior year. This was as a direct result of the COVID 
restrictions and cinema closures in the region. Although the Group has been 
working on a number of initiatives to bolster revenues, the impact of the 
majority of these is only expected to come to fruition in Q3/2022 onwards. 
 
The total comprehensive loss for the year was HK$6,184K [2020: HK$10,050K]. 
This was as a direct result of the reduction is revenues across the Group. The 
Group continued its cost savings through space consolidation and headcount 
reductions, and has taken advantage of Government fiscal support aimed at 
helping businesses through the pandemic. 
 
The Group has 180 panels [2020: 180] in cinemas across China, and is evaluating 
other technologies to promote OOH advertising in the cinema space as well as 
other locations. 
 
Cash in hand at the end of the year was HK$172K. The Group continues to manage 
its cash within its available resources. 
 
Outlook 
 
COVID-19 continues to have a significant adverse effect on the Group's 
performance in 2021. Much of Asia was under very strict lock down rules and 
international travel has been practically suspended. The lock down in Shanghai 
in early 2022 gave us further challenges for the first quarter of the current 
financial year. Cinemas in China are still operating at reduced capacity. 
 
We continue to identify new opportunities and have begun some projects in 
relation to the brokering of commodities. We are also beginning to work on some 
projects assisting consumer brands to expand geographically. 
 
However, we are hopeful for the resumption of cross border travel beginning in 
Q3 of the year and we expect a slow but steady return to normalcy in travel and 
trading for the remainder of the year. 
 
These will shortly be available (along with the Company's 2021 Annual Report) 
to download on the Company's website at https://www.gvmh.co.uk/tag/ 
financial-information/. 
 
For more information contact: 
 
Grand Vision Media Holdings plc                  gvmh.co.uk/ 
Jonathan Lo, Director                            Tel: [phone] 
                                                 or [e-mail] 
 
 
 
 
 
 
 
 
END 
 
 

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June 30, 2022 13:31 ET (17:31 GMT)