Business
Final Results and Annual Report
Final Results and Annual Report.
About this update from Mediazest Plc
[{"type":"text","content":"\n \n MediaZest Plc \n\n (\"MediaZest\", the \"Company\" or \"Group\"; AIM: MDZ) \n\n Final Results for the Year Ended 31 March 2014 \n\nCHAIRMAN'S STATEMENT\n\nIntroduction\n\nThe results for MediaZest plc (the \"Group\") for the year ended 31 March 2014\nincorporate the results of its subsidiary, which is wholly owned.\n\nResults for the year and Key Performance Indicators\n\nTurnover for the year was £2,944,000 (2013: £1,850,000), cost of sales was £\n1,978,000 (2013: £941,000) and the Group made a loss for the year, after\ntaxation, of £653,000 (2013: £551,000) after finance costs of £128,000 (2013: £\n138,000) and having paid administrative expenses of £1,513,000 (2013: £\n1,322,000).\n\nThe basic loss and diluted loss per share was 0.09p (2013: 0.15p). The Group\nhad cash in hand of £268,000 (2013: £1,000) and a bank overdraft of £nil (2013:\n£92,000) at the year end and an invoice discounting facility over the debtors\nof Touch Vision Limited of which £342,000 (2013: £108,000) was in use at 31\nMarch 2014. As at 31 March 2014, the Group had a current maximum limit of £\n350,000 (2013: £350,000) under the existing invoice discounting facility which\nwas increased to £500,000 on 14 April 2014.\n\nAs at 31 March 2014, the Group also had loans from shareholders of £200,000\n(2013: £530,000) and interest on those loans outstanding of £2,000 (2013: £\n153,000).\n\nBusiness overview\n\nThe Group operates two trading divisions through its wholly owned subsidiary\nTouch Vision Limited: Touch Vision (TV) and MediaZest Ventures (MV). TV trades\nas an Audio Visual supply and installation company across Education, Public\nSector, Retail and Corporate markets, whilst MV operates as a `digital out of\nhome' creative agency predominantly in the Retail Sector.\n\nThe year was one of positives and negatives: in terms of revenue the Group\nperformed well during the year with substantial growth of 59% and progress on\nthe operational side. In addition, the £865,000 fund raising in January 2014\nenabled the Group to strengthen and degear its balance sheet by redeeming some\n£300,000 worth of debt. The securing of the high profile FIFA World Cup Trophy\nTour contract with Coca-Cola, complemented by a large Education and a Corporate\nSector project, gave the Company a platform to build upon. Set against that,\nthe loss ...