Business
Interim Results
Interim Results.
About this update from Mediazest Plc
[{"type":"text","content":"\n MediaZest plc\n29 September 2006\n\n\n\n\n MediaZest Plc\n\n Interim results for the six months ended 30 June 2006\n\n\n CHAIRMAN'S STATEMENT\n\n\nIntroduction\n\nThe results for MediaZest Plc ('MediaZest', the 'Company', and collectively with\nthe Subsidiary Companies, the 'Group') reflect the six-month period to 30 June\n2006. They incorporate the results of its subsidiaries, all of which are wholly\nowned.\n\n\nResults for the Period\n\nTurnover for the period was £1,325,000 (2005 - £30,000) and the Group made a\nloss for the period, after taxation, of £520,000 (2005 - £305,000) after paying\ninterest of £2,000 (2005 - net interest received £23,000) and having paid\nadministrative expenses of £1,028,000 (2005 - £334,000). Administrative expenses\nincluded £56,000 of exceptional restructuring costs. The basic and fully diluted\nloss per share was 2 pence (2005 - 3 pence). The Group had net cash balances of\n£800,000 (2005 - £1,105,000) at the period end.\n\n\nOverview\n\nThe Group has made progress in both operational subsidiaries, MediaZest Ventures\nLimited ('MediaZest Ventures') and Touch Vision Limited ('Touch Vision'),\nalthough the first half of the year resulted in a loss. An element of this was\nexpected due to traditional seasonality within the business, and in the case of\nMediaZest Ventures, difficult trading conditions in the retail sector. At the\nstart of 2006, we implemented a programme of cost containment measures including\na restructuring of the Board of Directors in order to give the business a more\nappropriate cost base going forward.\n\n\nMediaZest Ventures\n\nDuring the first half of 2006, MediaZest Ventures has continued to build on its\nrelationships with both media agencies and brand owners. Our work with existing\ncustomers such as Motorola and Chivas continues and we have had success with new\nclients such as Candy & Candy, Boots, Nokia, Edeus, Luminar, Sony Ericsson,\nProctor & Gamble, O2, Adidas, and Shell providing innovative displays for their\nstores and promotions.\n\nWe had an enthusiastic response to our stand at the In-Store Show in Earls Court\nduring June 2006 displaying a substantial range of our innovative products to a\nwide variety of retailers, brand owners and agency creative personnel. As a\nresult of this and increasing acceptance of creative digital media as...