(MDZ) MediaZest
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| 12-12-11 | PRN |
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MediaZest Plc Half-yearly unaudited results for the six months ended 30 September 2011 CHAIRMAN'S STATEMENT Introduction The results for MediaZest Plc ("MediaZest", the "Company", and collectively with its wholly owned subsidiary, TouchVision Limited, the "Group") reflect the six-month period to 30 September 2011 and incorporate the results of its wholly owned subsidiary. Financial Review Revenue for the period was £1,746,000 (2010 - £1,080,000) and the Group made a loss for the period, after taxation, of £151,000 (2010 - loss of £109,000) after finance costs of £42,000 (2010 - £32,000) and having paid administrative expenses of £754,000 (2010 - £595,000). The basic and fully diluted loss per share was 0.054p (2010 - 0.065p). The Group had cash in hand of £139,000 (2010 - £2,000) at the period end. EBITDA was a loss of £103,000 (2010 - loss of £ 68,000). Operational Review The Group operates, currently, two trading businesses: TouchVision ("TV") and MediaZest Ventures ("MV). TV trades as an audio visual supply and installation company whilst MV operates as a digital out of home creative agency. The results for the period demonstrate a significant increase in turnover in comparison to the corresponding period in 2010. Turnover for the period was almost as much as was achieved in the whole of the year ended 31 March 2011. The source of this increase in revenue was due largely to enhanced spending from existing retail customers, such as O2, HMV and JD Sports, as well as the securing of business from new clients such as West Bromwich Building Society. Business in the Education market is challenging. Government cut backs have affected the sector as a whole and margins are under pressure. Whilst we made progress in covering a wider range of educational institutions due to our inclusion on the consortium panel much of our business in this sector was derived from lower margin equipment sales rather than full scale refurbishments and installations. Notwithstanding, we were contracted to perform a major installation with a south eastern based university as well as smaller pieces of work with other educational establishments. The Group continued to monitor its cost base closely and looked to trim costs where possible without compromising the ability of the Group to generate revenue. James Abdool joined the Group as Sales Director in the period and has been responsible for introducing meaningful new business to the Group. Touchvision, the operating company within the Group, traded profitably for the period but as yet is not generating enough revenue to absorb the entirety of Group overhead which along with Group financing costs accounted, largely, for the period loss of £151,000. Outlook The Group will continue to place emphasis on MV's retail offering complemented by the high quality engineering and installation services that TV provides. Further hiring of experienced personnel in these areas is anticipated to enhance the Group's revenue. Furthermore, the Group will continue to place emphasis on improving the quality of its revenues with the longer term objective of covering monthly overhead in its entirety from this source. We have increased the flexibility of our business model by acquiring a number of high demand capital items, some at extremely favourable prices, for hire/long term rental to customers. The purpose of this is to take advantage of campaign business which may not be financially viable if the equipment needed to be purchased by the client. This is already proving to be beneficial and the Group continues to look for opportunities to extend this activity, particularly with a number of high profile events in the next 12 months. In terms of cost reductions, several property leases that the Group inherited at the time of its acquisition of TV expire within the next few months and these are unlikely to be renewed. Financing costs remain high and the Group is negotiating with the providers of credit to provide improved terms going forward. The business that the Group's subsidiary conducts is in essence project based and whilst progress has been made in changing both the business and revenue mixes this is likely to persist in the near term. Therefore, it is important to both retain and enhance existing clients and to bring on board new ones that can generate a better quality of revenue stream wherever possible. To this effect we expect to carry out installations for several overseas concerns that are entering the European market and have quoted on some significant projects with major companies as well as several trials with large retail concerns. 12 December 2011 Lance O'Neill Chairman STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2011 Unaudited Unaudited Audited Six months Six months 12 months Notes 30-Sep-11 30-Sep-10 31-Mar-11 £'000 £'000 £'000 Continuing Operations Revenue 1,746 1,080 1,918 Cost of sales (1,095) (553) (957) Gross profit 651 527 961 Administrative expenses (754) (595) (1,315) EBITDA (103) (68) (354) Administrative expenses - depreciation (6) (9) (20) Operating loss (109) (77) (374) Interest expense (42) (32) (83) Loss before taxation (151) (109) (457) Taxation - - - Retained loss and total comprehensive (151) (109) (457) loss on ordinary activities after taxation Loss per ordinary share Basic 2 (0.061p) (0.065p) (0.252p) Diluted 2 (0.061p) (0.065p) (0.252p) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2011 Unaudited Unaudited Audited As at As at As at 30-Sep-11 30-Sep-10 31-Mar-11 £'000 £'000 £'000 Non-current assets Goodwill 2,772 2,772 2,772 Property, plant and equipment 40 42 32 Total non-current assets 2,812 2,814 2,804 Current assets Inventories 156 116 120 Trade and other receivables 759 580 523 Cash and cash equivalents 139 2 365 Total current assets 1,054 698 1,008 Current liabilities Trade and other payables (1,246) (915) (1,008) Financial liabilities (496) (419) (521) Total current liabilities (1,742) (1,334) (1,529) Net current liabilities (688) (636) (521) Non-current liabilities Financial liabilities (17) - (25) Total non-current (17) - (25) liabilities Net assets 2,107 2,178 2,258 Equity Share Capital 2,507 2,428 2,507 Share premium account 3,929 3,580 3,929 Other reserves 7 7 7 Retained earnings (4,336) (3,837) (4,185) Total equity 2,107 2,178 2,258 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2011 Share Share Share Options Retained Total Capital Premium Reserves Earnings Equity £'000 £'000 £'000 £'000 £'000 Balance at 31 March 2010 2,428 3,580 7 (3,728) 2,287 Loss for the period - - - (109) (109) Total comprehensive income for the - - - (109) (109) period Balance at 30 September 2010 2,428 3,580 7 (3,837) 2,178 Loss for the period - - - (348) (348) Total comprehensive income for the - - - (348) (348) period Issue of share capital 79 361 - - 440 Share issue costs - (12) - - (12) Balance at 31 March 2011 2,507 3,929 7 (4,185) 2,258 Loss for the period - - - (151) (151) Total comprehensive income for the - - - (151) (151) period Balance at 30 September 2011 2,507 3,929 7 (4,336) (2,107) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2011 Unaudited Unaudited Audited Six Six 12 months months months Note 30-Sep-11 30-Sep-10 31-Mar-11 Cash flows from operating activities £'000 £'000 £'000 Cash used in operations 3 (137) (331) (423) Net cash used in operating activities (137) (331) (423) Cash flows from investing activities Purchase of property, plant and equipment (14) (3) (4) Net cash used in investing activities (14) (3) (4) Cash flow from financing activities Bank loan - 48 50 Repayment of borrowings (8) - (9) Shareholder loans - 81 325 Shareholder repayments (25) - (110) Interest paid (42) (32) (83) Net proceeds on issue of shares - - 440 Share issue costs - - (12) Net cash (used in)/generated from (75) 97 601 financing activities Net (decrease)/increase in cash and cash (226) (237) 174 equivalents Cash and cash equivalents at beginning of 151 (23) (23) period Cash and cash equivalents at end of period 4 (75) (260) 151 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 2012. 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 light of the ongoing economic difficulties in the UK and global economy, 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 this interim announcement. 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. 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 2011 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 2011 and 30 September 2010 is not audited. 2. Loss per share Basic loss per share is calculated by dividing the loss attributed to ordinary shareholders of £151,000 (2010 - £109,000) by the weighted average number of shares during the period of 247,625,327 (2010 - 167,625,327). The diluted loss per share is identical to that used for basic loss per share as the exercise of warrants 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 GENERATED FROM/(USED IN) OPERATIONS Unaudited Unaudited Audited Six months Six months 12 months 30-Sep-11 30-Sep-10 31-Mar-11 £'000 £'000 £'000 Operating loss (109) (77) (374) Depreciation of tangible assets 6 9 20 Increase in inventories (36) (22) (26) Increase in payables 238 84 225 Increase in receivables (236) (325) (268) Cash used in operations (137) (331) (423) 4. CASH AND CASH EQUIVALENTS Unaudited Unaudited Audited Six months Six months 12 months 30-Sep-11 30-Sep-10 31-Mar-11 £'000 £'000 £'000 Cash held at bank 139 2 365 Invoice discounting facility (214) (262) (214) (75) (260) 151 5. Distribution of the Half-yearly Report Copies of the Half-yearly Report will be available to the public from the Company website, www.mediazest.com, and from the Company Secretary at the Company's registered address at 3rd Floor, 16 Dover Street, London W1S 4LR. MediaZest Plc Tel: 0207 724 5680 Contact: Geoff Robertson Nominated Adviser Northland Capital Partners Ltd Tel: 0207 796 8800 Contact: Gavin Burnell/Rod Venables Broker Hybridan LLP Tel: 0207 947 4004 Contact: Claire Noyce/Tim Goodman/Deepak Reddy END More |
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| 30-09-11 | PRN |
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30 September 2011 MediaZest plc ("MediaZest" or the "Company") Result of AGM The Board of the Company announces that, at the Annual General Meeting held on 30 September 2011, all resolutions were duly passed. Contact: Geoff Robertson, Chief Executive Officer 020 7724 5680 MediaZest plc Gavin Burnell / Rod Venables, Nominated Adviser 020 7796 8800 Northland Capital Partners Limited Claire Noyce, Broker 020 7947 4350 Hybridan LLP END More |
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| 08-09-11 | PRN |
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8 September 2011 MediaZest Plc Final Results for year ended 31 March 2011 MediaZest Plc ("MediaZest" or "the Company" or "the Group"; AIM: MDZ), the creative digital out-of-home advertising company and audio-visual integrator, announces its final results for the year ended 31 March 2011. Highlights * Revenue for the year of £1,918,000 (2010: £2,572,000) * Reduced losses after tax of £457,000 (2010: £747,000) * Improvement in gross margins as business mix moves towards higher margin installation, maintenance and consulting services * Successful fund raise of £440,000 (before expenses) in March 2011 from both existing and new shareholders * Cash balance at 31 March of £365,000 * Appointment of James Abdool as Group Sales Director * Markedly increased year-on-year revenues for Q1 2012 The Company has posted the Annual Report and Financial Statements for the year ended 31 March 2011 to shareholders. A copy of the Annual Report and Financial Statements is also available from the Company's registered office and from the Company's web site, www.mediazest.com Enquiries: Geoff Robertson, 020 7724 5680 Chief Executive Officer MediaZest Plc Luke Cairns/Rod Venables 020 7796 8800 Nominated Adviser Northland Capital Partners Limited Claire Noyce, Broker 020 7947 4350 Hybridan LLP CHAIRMAN'S STATEMENT Introduction The results for MediaZest plc (the "Group") for the year ended 31 March 2011 incorporate the results of its subsidiaries, all of which are wholly owned. Results for the Year and Key Performance Indicators Turnover for the year was £1,918,000 (2010: £2,572,000), cost of sales was £ 957,000 (2010: £1,451,000) and the Group made a loss for the year, after taxation, of £457,000 (2010: £747,000) after finance costs of £83,000 (2010: £ 32,000) and having paid administrative expenses of £1,335,000 (2010: £ 1,836,000). The basic loss and diluted loss per share was 0 pence (2010: 1 pence). The Group had cash in hand of £365,000 (2010: £37,000) at the year end, and an invoice discounting facility over the debtors of Touch Vision of which £214,000 (2010: £60,000) was in use at 31 March 2011. As at 31 March 2011 the Group also had loans from shareholders of £505,000 (2010: £290,000). As at 31 March 2011, the Group has a current maximum limit of £350,000 under the existing invoice discounting facility. The overdraft facility was converted into a loan of £50,000 repayable over three years with the same bank on 27 August 2010. Business overview The Group operates, currently, two trading businesses, Touch Vision (TV) and MediaZest Ventures (MV). TV trades as an Audio Visual supply and installation company whilst MV operates as a `digital out of home' creative agency. The Group's previous accounting period was fifteen months in duration (15 months to 31 March 2010) and the Group finished the year, a 12 month accounting period ending 31 March 2011, with monthly average sales figures broadly consistent with the prior period. The Group's full year loss for the current year was £457,000 (2010 - loss of £747,000). Group turnover was £1,918,000 (2010 - £2,572,000) with turnover in the latter half of the year being less than anticipated due, in part, to disappointing trading over the Christmas and Easter periods. However, there was an improvement in gross profit margins as a higher proportion of installation, maintenance and consulting services rather than equipment sales constituted the larger part of the year's turnover in comparison to the previous period. In the current year, the Board is targeting a return to improved turnover levels whilst maintaining the lower cost base that has been achieved in the last twelve months. The Board's strategy is to attain this level of turnover by increasing the higher margin business achievable through MV whilst both maintaining and expanding revenue through the Education Framework agreements that TV became a participant to in November 2010. This strategy is already showing evidence of success as turnover in Q1 for the period ending 31 March 2012 is anticipated to be in excess of £800,000 (a 63% increase on the comparative period), although it is evident that margins are under more pressure this year. The Group raised £440,000 before expenses in March 2011 from both existing and new shareholders, the proceeds of which were to be applied towards strengthening the sales team and to improve the working capital resources available to the Group's operating subsidiaries. James Abdool joined the Group as a consultant in October 2010 and became Group Sales Director in August 2011. James is an experienced Sales Director with a strong history of achievement in both generating revenue and introducing new business lines. In addition, two further salesmen joined the Sales team during the year. MediaZest Ventures Division MediaZest Ventures continues to provide the Group with its largest and most attractive opportunities. However, operating in the retail sector, projects continue to be under budget pressure although there have been positive signs of growth with a number of large scale future projects being discussed with clients. During the year, MediaZest Ventures added a number of high quality new clients, including Microsoft, British Gas, Killik and Co, and continued to work with long term clients such as Barclays Bank, JD Sports and Footlocker. One of the most notable developments during the year was the launch of the MediaZest version of 3M's "virtual mannequin" concept which drew widespread acclaim. Since its launch at Luton Airport in February 2011 MV has provided units to various clients, including Birmingham Airport, with several other potential orders in the pipeline. In addition, the product has been very popular in our other markets including retail and education. Plans are in progress to launch an interactive version as well as a point-of-sale version. The Company also continues to be well regarded in the market place for its digital poster projections which have been well received and as such this is a product that the Board believes will continue to bring ongoing revenues . In order to improve operational efficiencies and reduce administrative costs, the MediaZest Ventures trading division has been transferred into the Touch Vision legal entity. The brand name will be continued, trading as a division of Touch Vision Ltd and the original limited company made dormant. Touch Vision Ltd The most significant business win during the year for Touch Vision was its success in tendering for a number of specific Lots under the Inter-Regional AV Equipment Framework Agreement ("Framework Agreement"). The Framework Agreement will run for a term of three years, 2 November 2010 to 1 November 2013, with provision for an extension of a further year. The Framework Agreement covers four purchasing consortia: * Higher Education Purchasing Consortium, Wales ("HEPCW") - comprising 12 members * Value Wales - comprises 122 member institutions and includes public sector bodies such as Companies House, the DVLA and the Food Standards Agency, as well as a number of Educational institutions * London Universities Purchasing Consortium ("LUPC") - comprising 68 full member institutions * Southern Universities Purchasing Consortium ("SUPC") - comprising 112 member institutions The Lots which Touch Vision has successfully tendered for are as follows: AV equipment supply only - for HEPCW, Value Wales, LUPC, SUPC. This Lot has an estimated annual value of £2million and Touch Vision is one of five companies to have been successful in tendering for this Lot. AV presentation systems, equipment and services (including design, supply and installation) - for HEPCW, Value Wales and LUPC. The HEPCW and Value Wales element has an estimated annual value of £1million and Touch Vision is one of eleven companies to have been successful in tendering for this Lot. The LUPC element of this Lot has an estimated annual value of an additional £2.5million and Touch Vision is one of nine companies to have been successful in tendering for this section of the Lot. Supply of projector lamps - for all four purchasing consortia. This Lot has an estimated annual value of £2million. Touch Vision is one of four companies to have been successful in tendering for this Lot. The expected total annual spend by the consortia in respect of the Lots to which Touch Vision has been appointed is £7.5million. Although Touch Vision must win business under competitive terms of tender it does give the company access to a large number of new potential clients. Despite only being awarded the opportunity to participate the Framework Agreement in November 2010, the company has already won several significant pieces of business and developed new client relationships. In light of the ongoing changes in funding within the Education sector, it appears that spending for the 2011 calendar year will be subdued across these consortia but the Board believes there will be strong ongoing opportunities generated from this and subsequent framework agreements and that this will provide additional revenue opportunities in the coming years. Outside of these agreements, the Education division continues to add clients including the Licensed Victuallers School in Ascot and Burton College in the Midlands, and performs ongoing work with long term clients such as London South Bank University. Touch Vision's retail customers such as HMV and Kuoni continue to be a significant part of the business. These clients continue to provide excellent revenue for the company. The more traditional Corporate market is also providing opportunities again for the company as clients look for better value solutions and reliable systems providers. This has helped the company win a number of new clients including ETC Venues in the conference facilities market. Outlook As noted above, the Company has increased its resource in its sales and marketing function and this investment is leading to new business opportunities. Work in progress during the year to date includes several significant projects. Firstly, Touch Vision has completed an installation programme for a large UK University in excess of £300,000 which was outside of the Framework Agreement noted above. Second, the Framework Agreement has also provided some ongoing equipment only purchases which, despite being of a lower margin than our installation work, have enabled TV to buy more effectively and begin developing relationships with new clients. In the corporate market, MV's hologram solutions have been used by blue chip companies including Astra Zeneca and British Telecom. We have also undertaken a branch refurbishment programme with the West Bromwich Building Society which is currently ongoing. Looking forward, the Group's businesses operate in markets that are affected by both the level of retail customer demand and government/local authority expenditure. Whilst customer demand and interest is good, presently, the Board recognises that a re-emergence of an economic slowdown may have an effect on future trading performance. However, the Board believes that the Group is now more versatile and nimble enough to deal with changes in the business environment on a more timely basis and as a consequence give itself a greater ability to cope with events beyond its control, than in previous years. Notwithstanding, the Board is committed to moving the Group forward to profitability and believes that the strategy that it has implemented is achievable. Lance O'Neill Chairman MediaZest plc CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2011 Year ended 15 months ended 31 March 2011 31 March 2010 £'000 £'000 Continuing operations Revenue 1,918 2,572 Cost of sales (957) (1,451) Gross profit 961 1,121 Administrative expenses (1,335) (1,836) Operating loss (374) (715) Finance costs (83) (32) Loss on ordinary activities (457) (747) before taxation Tax on loss on ordinary - - activities Loss and total comprehensive loss on (457) (747) ordinary activities after taxation Loss per ordinary 0.1p share Basic (0.002p) (0.010p) Diluted (0.002p) (0.010p) MediaZest plc CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2011 31 March 2011 31 March 2010 £'000 £'000 Non-current assets Goodwill 2,772 2,772 Property, plant and 32 48 equipment Total non-current assets 2,804 2,820 Current assets Inventories 120 94 Trade and other 523 255 receivables Cash and cash equivalents 365 37 Total current assets 1,008 386 Current liabilities Trade and other payables (1,008) (629) Financial liabilities (521) (290) Total current liabilities (1,529) (919) Net current liabilities (521) (533) Non-current liabilities Financial liabilities (25) - Total non-current (25) - liabilities Net assets 2,258 2,287 Equity Share capital 2,507 2,428 Share premium account 3,929 3,580 Share options reserve 7 7 Retained earnings (4,185) (3,728) Total equity 2,258 2,287 MediaZest plc CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2011 Share Share Share Retained Total Options Capital Premium Reserves Earnings Equity £'000 £'000 £'000 £'000 £'000 Balance at 1 January 2009 2,283 3,211 7 (2,981) 2,520 Loss for the period - - - (747) (747) Total comprehensive income - - - (747) (747) for the year Issue of share capital 145 379 - - 524 Share issue costs - (10) - - (10) Balance at 31 March 2010 2,428 3,580 7 (3,728) 2,287 Loss for the year - - - (457) (457) Total comprehensive income - - - (457) (457) for the year Issue of share capital 79 361 - - 440 Issue costs - (12) - - (12) Balance at 31 March 2011 2,507 3,929 7 (4,185) 2,258 MediaZest plc CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2011 2011 2010 £'000 £'000 Net cash used in operating activities (423) (667) Cash flows used in investing activities Purchase of property, plant and equipment (4) (10) Net cash used in investing activities (4) (10) Cash flow (used in)/from financing activities Bank loan 50 - Repayment of borrowings (9) - Shareholder loans 325 290 Shareholder repayments (110) - Interest paid (83) (32) Cash proceeds from invoice discounter - 90 Proceeds of share issue 440 434 Share issue costs (12) (10) Net cash generated from financing 601 772 activities Net increase in cash and cash equivalents 174 95 Cash and cash equivalents at beginning of (23) (118) year Cash and cash equivalents at end of the 151 (23) year NOTES 1. Basis of Preparation The financial information set out above does not constitute the Company's statutory accounts for the 15 month period ended 31 March 2010 or the year ended 31 March 2011 within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the 15 month period ended 31 March 2010 have been delivered to the Registrar of Companies and those for the year ended 31 March 2011 will be delivered in due course. The auditors have reported on the accounts for the 15 month period ended 31 March 2010; their report was unqualified and did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. The auditors have reported on the statutory accounts for the year ended 31 March 2011: their report was unqualified, and did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The Company's statutory accounts for the year ended 31 March 2011 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU") and in accordance with the Group's accounting policies as set out in the 2010 statutory accounts. The financial statements contained in the statutory accounts have been prepared under the historic cost convention unless otherwise stated. 2. 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 UK and global economy, 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 letters of support from shareholders who have provided loans to the Group totalling £480,000 at 31 March 2011, stating that they will not call for repayment of the loans within the next 12 months 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. 3. Loss per Ordinary Share 2011 2010 £'000 £'000 Losses Losses for the purposes of basic and diluted 457 747 earnings per share being net loss attributable to equity shareholders Number of shares Weighted average number of ordinary shares for the 181,068,853 69,917,362 purposes of basic earnings per share Number of dilutive shares under option or warrant - - Weighted average number of ordinary shares for the 181,068,853 69,917,362 purposes of dilutive loss per share Basic loss per share is calculated by dividing the loss attributed to ordinary shareholders of £457,000 (2010: £747,000) by the weighted average number of shares during the year of 181,068,853 (2010: 69,917,362). The diluted loss per share is identical to that used for basic loss per share as the exercise of warrants and options would have the effect of reducing the loss per share and therefore is not dilutive. 4. Posting of the Annual Report and Financial Statements The Report and Accounts for the year ended 31 March 2011 have been posted to shareholders together with a notice convening the Annual General Meeting for 30 September 2010 to approve the Annual Report and Accounts. The Report and Accounts will also be available on the Company's web site: www.mediazest.com. Notes to Editors: About MediaZest MediaZest is a creative media agency that specialises in providing innovative out-of-home marketing solutions to leading brand owners and media agencies. The group supplies an integrated service from content creation and system design to installation, technical support and maintenance. MediaZest has its headquarters in London, whilst Touch Vision, its design and engineering division, is based in Farnham in Surrey. Its customer base includes Astra Zeneca, Chivas, HMV, Fiat, Microsoft, Nike, O2, Shell and Vodafone. MediaZest was admitted to London's AIM market in February 2005. For more information, please visit www.mediazest.com END More |
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| 17-08-11 | PRN |
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17 August 2011 MediaZest Plc Trading and business update Appointment of new Sales Director MediaZest Plc ("MediaZest" or "the Group"; AIM: MDZ), the creative digital out-of-home advertising company and audio-visual integrator, provides the following trading update. Group trading results were below previous expectations for the year ending 31 March 2011 as a consequence of the sales performance in the second half of the year, prior to the fundraising at the end of the 4th quarter of that financial year. However, Group revenues have improved since the start of the new financial year in April 2011 with turnover of £800,000 for the quarter ended June 30 2011. This improvement in turnover is expected to carry through into the quarter ending 30 September 2011 The Board is pleased to announce £200,000 worth of new and additional work with a long standing customer in the form of a roll out of bespoke audio technology into over 100 retail stores. In addition, the Group has secured a contract worth over £120,000 with a new client, the West Bromwich Building Society. Furthermore, the Group continues to work with a number of high profile clients including O2, Barclays Bank, Kuoni and Fiat as well as gaining business from new clients British Gas, FiloFax and Astra Zeneca. Further to the announcement made by MediaZest on 2 March 2011 relating to a proposed conversion of £90,000 debt to equity at 0.55pence per new ordinary share, the Board plan to seek the necessary authorities in combination with the Annual General Meeting, to be held in September 2011. The Group announced on 2 March 2011 that it intended to finance growth of its operations from the proceeds of its capital raising and is, therefore, pleased to announce the appointment of James Abdool as an executive Director of MediaZest and as Sales Director with immediate effect. Prior to his appointment, James has been working with the Group as a consultant for the last few months. James has been actively involved in Sales and Marketing for a number of media related companies since 1994. He most recently worked with PlayNetwork Inc. where he was instrumental in setting up their international operations throughout Europe, the Middle East and Africa (EMEA). Prior to this, he worked at EnQii, the global digital signage and display network company, heading up its EMEA operations and Imagesound Plc as Retail Sales Director. Prior to his involvement in these companies, he developed and subsequently completed the sale of his family's digital out of home audio business. Commenting on James' appointment, Geoff Robertson, MediaZest's CEO, said "James is an experienced company director and his appointment will broaden the range of skills and expertise available to the Board. Furthermore, the Board views his appointment as an important step in achieving its strategy of improving both the quality of the Group's revenues and volume of sales". Further Information James Christopher Abdool, aged 40, is beneficially interested in 1,818,182 ordinary shares in the Group, representing 0.73 per cent. of the Company's issued ordinary share capital. James Abdool has held the following directorships or partnerships within the last five years. Current Past MediaZest plc Playnetwork Ltd Copthorne School Trust Ltd TSC Music Systems Limited Copthorne School Services Ltd The Evelina Family Trust There are no further disclosures to be made in accordance with schedule 2 (g) of the AIM Rules. Notes to Editors: About MediaZest MediaZest is a creative media agency that specialises in providing innovative out-of-home marketing solutions to leading brand owners and media agencies. The group supplies an integrated service from content creation and system design to installation, technical support and maintenance. MediaZest has its headquarters in London, whilst Touch Vision, its design and engineering division, is based in Farnham in Surrey. Its customer base includes Adidas, Boots, Chivas, Diesel, L'Oreal, Motorola, Nintendo, Nokia, O2, Shell and Vodafone. MediaZest was admitted to London's AIM market in February 2005. For more information, please visit www.mediazest.com. Enquiries: Geoff Robertson, 020 7724 5680 Chief Executive Officer MediaZest Plc Gavin Burnell / Rod Venables 020 7796 8800 Nominated Adviser Northland Capital Partners Limited Claire Noyce, Broker 020 7947 4350 Hybridan LLP END More |
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http://itbriefing.net/modules.php?op=modload&name=News&file=article&sid=245931 Tensator, (Booth #3317) the world leader in queue management solutions, today announced that NRF has selected the Tensator Virtual Assistant to be the official greeter at Retails BIG Show, being held January 15-17, 2012 at the Jacob Javits Center in Manhattan, New York. |
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MediaZest (MDZ) [0.48p/£1.18 million]*
Hybridan's Small Cap Wrap By Hybridan | Mon, 19/12/2011 - 00:00 http://bit.ly/rQe7It |
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