Business
Preliminary Results
Preliminary Results.
About this update from Mediazest Plc
[{"type":"text","content":"\n \n MediaZest plc (the \"Company\") \n\n Final results for 15 month period ended 31 March 2010 \n\nThe Board of the Company announces that it has today finalized Annual Report\nand the Financial Statements for the 15 month period ended 31 March 2010. These\nwill be printed and sent to all shareholders as soon as possible along with a\nnotice convening a General Meeting to adopt the Annual Report and Accounts.\n\nThe Annual General Meeting will be held on 30 September 2010 as previously\nnotified but the resolution to adopt the Accounts will not be put to\nshareholders at that Meeting and will be withdrawn.\n\nA copy of the report and accounts is also available from the company's\nregistered office and from the Company's web site, www.mediazest.com.\n\nContact:\n\nGeoff Robertson, Chief Executive Officer 020 7724 5680\n \nMediaZest plc \n \nStuart Lane 020 7492 4770\n \nAstaire Securities Plc \n \nClaire Noyce 020 7947 4350\n \nHybridan LLP \n\nCHAIRMAN'S STATEMENT\n\nIntroduction\n\nThe results for MediaZest plc (the \"Group\") for the 15 months to 31 March 2010\nincorporate the results of its subsidiaries, all of which are wholly owned.\n\nResults for the Period and Key Performance Indicators\n\nTurnover for the period was £2,572,000 (2008 - £4,424,000), cost of sales was £\n1,451,000 (2008 - £2,846,000) and the Group made a loss for the period, after\ntaxation, of £747,000 (2008 - £605,000) after paying interest of £32,000 (2008\n- £7,000) and having paid administrative expenses of £1,836,000 (2008 - £\n2,176,000).\n\nThe basic loss and diluted loss per share was 1 pence (2008 - 3 pence). The\nGroup had cash in hand of £37,000 (2008 - £102,000) at the period end, and an\ninvoice discounting facility over the debtors of Touch Vision of which £60,000\n(2008 - £220,000) was in use at the period end date.\n\nAs at 31 March 2010 the Group also had loans from shareholders of £290,000\n(2008 - £85,000) and post year end the Group has repaid £60,000 of these loans\nand secured further loans from shareholders such that the current outstanding\nbalance is £355,000.\n\nAs at 31 March 2010, the Group has an unused overdraft facility through Touch\nVision of up to £50,000 and a current maximum limit of £350,000 under the\nexisting invoice discounting facility. Post period end the overdraft facility\nhas been converted...