16 June 2026
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms partof UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.
MediaZest Plc
("MediaZest", the "Company" or "Group")
Half-year Report
Unaudited Interim Results for the six months ended 31 March 2026
MediaZest plc (AIM: MDZ), the creative audio-visual solutions provider, reports
its unaudited interim results for the six months ended 31 March 2026 ("H1 FY26"
or the "Period"), showing considerable improvement on the prior comparative
period. The Group has delivered significant revenue growth, profitability at the
EBITDA level and a substantial profit before tax.
This positive trend is expected to continue in the second half of the financial
year with ongoing projects continuing to roll out, and MediaZest expects to
report year-on-year growth again for the full year following strong growth in
the prior year ("FY25").
EBITDA is lower than the H1 FY25 comparative, despite the increase in revenues
in the first half of the year. This reflects increased costs, a proportion of
which is one-off costs relating to investments in the engineering team and
systems to meet the increased demand and ongoing support of new sites. H1 also
includes December and January which are generally lower revenue months for the
business due to retailer access restrictions in the busy Christmas and Sale
period, and this was particularly the case in H1 FY26. The prior period also
benefited from a large one-off project in November 2024.
Gross margins remain robust albeit slightly lower than prior year due to the mix
of hardware and fees from professional services. H1 FY26 had a higher proportion
of lower margin hardware sales than the prior year. Despite this Gross Profit
was substantially higher than the previous year by £225,000.
Financial Highlights H1 FY26 H1 FY25
£'000 £'000
Revenue 2,673 1,906
Gross Profit 1,352 1,127
Gross Margin 51% 59%
EBITDA1 120 197
Profit before tax 754 56
Earnings per share (pence) 0.0420 0.0031
Cash in hand / (Bank overdraft) 350 (7)
1 EBITDA is defined as Profit/(Loss before tax adding back Finance costs,
depreciation and amortisation
Operational Highlights
· Significant increase in H1 revenues driven by long-term project roll outs
with key ongoing customers including Arc'Teryx, Hyundai, KIA, Lululemon
Athletica and Pets at Home
· Delivery of several hundred installations for First Rate Exchange Services,
providing digital currency boards to locations across the UK
· Recurring revenue streams continued to grow significantly during the Period,
underpinned by extensions of ongoing contracts and with trailing revenues
following additional roll out projects
· Delivery of LED, screen, and audio solutions for Lululemon Athletica and
Arc'Teryx stores in Europe
· Further KIA showrooms delivered in Netherlands and Ireland via MediaZest's
Dutch subsidiary and ongoing support of KIA dealerships in 3 European countries
· Substantial improvement in cash balance to £350,000 at period end versus an
overdraft position of £7,000 at the previous period end
· Expansion of highly skilled in-house team to meet demand of ongoing roll
outs and support requirements across the client base
Debt Restructure
· Restructure of debt obligations and extension of payment schedule to allow
for further future growth. Write off of £529,000 of interest improving
profitability and with a further gain of £17,000 relating to unwinding of
Convertible Loan Notes
· Remaining debt significantly reduced as a result and consists of interest
free loans at period end. Under accounting rules, the Group is required to
recognise a notional interest gain in addition to the interest written off -
this is a fair value gain of £198,000 less a notional interest charge of £29,000
in the period, with the balance of the gain charged to interest in future
periods as the loans are repaid. There is no cash impact or debt obligation with
this which is a notional accounting entry only.
Fundraising
· Successful fundraising of £215,000 before expenses in February 2026,
including significant new shareholder in Dr Graham Cooley
Post-period end & Outlook
· H2 FY26 expected to be strong with further roll outs of key projects with
First Rate Exchange Services and other clients
· New business wins include installations across the UK and Europe including
Norway, Germany and Denmark
· Continuation of strong long-term demand for audio-visual technology in
MediaZest's three core sectors - retail, automotive and corporate offices
· Positive Outlook: Aiming to deliver over £5 million of revenue for the first
time and profit before tax in excess of £250,000 for FY26
· Buy and Build Strategy: Continuing to evaluate suitable parties for
potential "buy and build" acquisitions
Notice of Investor Presentation
Geoff Robertson, Chief Executive Officer, and Keith Edelman, Chairman, will
provide a live presentation in relation to the Company's Interim Results via the
Investor Meet Company platform on 24th June 2026 at 11.30 am BST. The
presentation is open to all existing and potential shareholders. Investors can
sign up to Investor Meet Company for free and register
here:https://www.investormeetcompany.com/mediazest-plc/register
-investor (https://urldefense.proofpoint.com/v2/url?u=https
-3A__www.investormeetcompany.com_mediazest-2Dplc_register-2Dinvestor&d=DwMF
-g&c=euGZstcaTDllvimEN8b7jXrwqOf
-v5A_CdpgnVfiiMM&r=eUQCpKRgmyizgMEXgG580c5fGnbw8kiINiPNwtmgzAE&m=ASsdUQ4XO3UMQ5C5
SVAIQj1Dp1YTRcvszTcBO-iTSW
-Se2MNYwJ4Jg254NPfC5Zn&s=hnic00dtsF3yVOQXGOrSZ_1eiBcxz6uNHVwdqv5rMpA&e=)
Geoff Robertson, Chief Executive Officer, commented: "We are delighted with
these results for the six-month period.
"The increase in project revenues is generating profitability in the current
year and also building recurring revenue streams for the future. Additionally,
substantial improvement in the balance sheet from the debt restructuring and the
fundraising puts the Group in an excellent position to continue to grow and
invest in client services.
"The Board continues to evaluate acquisition opportunities on this much stronger
base, which is where we believe the Company's AIM listing provides significant
value in helping us deliver further growth and additional value for our
shareholders."
Enquiries
MediaZest Plc www.mediazest.com
Geoff Robertson, via Walbrook PR
Chief Executive
Officer
Keith Edelman,
Chairman
SP Angel Corporate Tel: +44 (0)20 3470 0470
Finance LLP (Nomad)
David Hignell / Adam
Cowl
Oberon Capital Tel: +44 (0)20 3179 5300
(Corporate Broker)
Nick Lovering / Adam
Pollock
Walbrook PR (Media & Tel: +44 (0)20 7933 8780 ormediazest@walbrookpr.com
Investor Relations)
Lianne Applegarth / Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654
Alice Woodings
+44 (0)7584 391 303
About MediaZest (www.mediazest.com)
MediaZest is a creative audio-visual solutions provider that specialises in
delivering innovative digital signage and audio systems to leading retailers,
brand owners and corporations. The Group offers an integrated service from
content creation and system design to installation, technical support, and
maintenance. MediaZest was admitted to the London Stock Exchange's AIM in
February 2005.
CHAIRMAN'S STATEMENT
The Board presents the consolidated unaudited results for the six months ended
31 March 2026 for MediaZest plc and its wholly owned subsidiary companies
MediaZest International Ltd ("MDZI") and MediaZest International BV ("MDZBV")
(together "MediaZest" or "the Group").
Overview
The Board is pleased to deliver a strong H1 FY26 performance, with revenues up
by 40% to £2.7m, and gross profits increasing by 20% consequently. The Group
continued to deliver profit at EBITDA level and made a significant pre- and post
-tax profit following the growth in the business and debt restructuring in
December 2025.
Growth in revenue was largely as a result of a significant new contract with
First Rate Exchange Services to roll out installations at scale and building on
wins in the prior year. The Group has seen a positive start to H2 FY26 and has a
strong pipeline for FY26 and beyond. The Board believes the outlook for
MediaZest is encouraging and well-positioned for continued growth.
Operational Review
Positive H1 FY26 performance driven by long term project roll outs with key
customers and new business wins
MediaZest has an agreement to deliver projects for First Rate Exchange Services
and their range of clients over the next five years. In the first two years of
this agreement, the Group expects to deliver solutions in approximately 1,200
locations. In H1 FY26 this work began to accelerate, with the successful
delivery of installations for approximately 500 locations in the period, with
658 in total completed as at 31 March 2026.
The balance of these installations is expected to be delivered in the coming 12
months with the split between H2 FY26 and H1 FY27 depending on client scheduling
which will impact full year revenue recognition and consequently final profit
for the year.
The Company's long-term client base remains consistent and continues to generate
new opportunities as well as require ongoing support and maintenance contracts.
In UK retail this included continuing work for well-known brands such as
Halfords, Castore, Kuoni and Pets at Home. MediaZest completed work on
additional Lululemon Athletica stores in France and London, and for Arc'Teryx in
its new store in Hamburg and expanding services to existing stores in London and
Norway.
In the Automotive sector, the Group continued to deliver new dealership
experiences for Hyundai in the UK, especially in connection with Electric
Vehicle showrooms, and KIA in three European countries, as well as working with
individual dealer groups on specific showroom initiatives. KIA in Netherlands
and Ireland in particular, had several new dealers delivered in the period with
more due to complete in Netherlands in the second half of the financial year.
A significant new contract was won at the end of FY24 to deliver audio visual
experiences, content management, and support in approximately 40 airports across
Europe, the Middle East, Africa, and Asia Pacific on an ongoing basis for a
global brand within Duty Free shops. This work continued to grow during 2025 and
in 2026, with complex and highly skilled solutions now being provided in an
increasing number of shops and airports as the project continues. It is unclear
at the moment if there will be any significant impact on the project in 2026 and
beyond due to the ongoing geo-political challenges in the Middle East.
Coupled with the continuing growth in new stores and long-term clients who
consistently utilise professional services provided by MediaZest, including
software licences, content management, support and maintenance, the Group's
recurring revenue streams continue to expand. On a run rate basis, these
contracts now generate over £1.2 million per annum for the Group (as at 31 March
2025: £1 million) which assists with visibility of future financial performance
as well as providing a strong base to continue to grow and improve its offering
in this area.
Financial Review
Year-on-year improvement in results
· Revenue was £2,673,000, up 40% (H1 FY25: £1,906,000).
· Gross profit was up by 20% to £1,352,000 (H1 FY25: £1,127,000).
· Gross margin slightly lower at 51% (H1 FY25: 59%).
· Administrative expenses before depreciation and amortisation were
£1,232,000, an increase of 32% (H1 FY25: £931,000).
· EBITDA dipped slightly to £120,000 (H1 FY25: £197,000) as the Group
invested in people and systems to deliver the increased revenue and build future
capability for growth.
· Proft before taxation was £754,000 (H1 FY25: profit of £56,000).
· The basic and fully diluted earnings per share was 0.0420 pence (H1
FY25: profit per share 0.0031 pence).
· Cash and cash equivalents at 31 March 2026 increased to £350,000 (H1
FY25: overdraft of £7,000).
· Invoice discounting facility closed, £nil as at 31 March 2026 (H1
FY25: £39,000), the balance being repaid in full during H2 FY25.
The Period showed considerable improvement on the prior comparative six months
with this trend expected to continue into the second half of the financial year,
as noted above. Despite the large roll out programmes in flight, margins
continue to be robust although gross margin is affected by the increased
proportion of hardware sales in the period versus the comparative which are
typically lower than on professional services which are fulfilled from in house
overhead.
The Board continues to keep a close eye on costs, however additional investment
in the delivery team and associated systems to fulfil new contract wins has
inevitably led to some increases in the cost base. A proportion of these
investments are one-off items such as recruitment fees or system improvements to
prime the group for further growth with the balance ongoing to deliver the
increase in support and maintenance contracts as a result of new installations.
Debt Restructure
In the period, the Group successfully restructured its debt obligations, having
actively engaged with all its key debt holders (the "Debt Holders").
MediaZest had repaid the invoice discounting facility in full during the prior
year and reached an agreement (the "Agreement") with shareholders and/or Debt
Holders on existing loans and outstanding interest.
The Agreement, which was announced on 9 December 2025, will write off £529,000
worth of interest and leave a principal sum of £785,609 to repay over the next
six years, concluding in FY31. Two payments have been made in accordance with
this agreement already, bringing the outstanding balance down by a further
£82,000 by 31 March 2026.
As a result of the accounting treatment of the Convertible Loans there is a
small additional gain of £17,000 recognised in the period.
Importantly, interest charges have ceased moving forwards. This restructuring
will allow the Group to invest further in its improvement and growth.
Due to accounting rules, the notional benefit of the remaining loans being
interest free is recognised with a one-off gain in the period which is then
written off over the period the loans are paid. This element is a pure
accounting entry and represents only notional interest and is clearly marked in
the Consolidated Statement of Comprehensive Income.
Fundraising
An equity fundraising in February 2026 raised £215,000 before fees via the issue
of 358,334,950 ordinary shares of 0.01p in the capital of the Company to new and
existing investors at a price of 0.06p per placing share.
Outlook
Encouraging outlook for full year
The Board believes the outlook for the remainder of the financial year and
beyond is very encouraging. The significant roll out contract with First Rate
Exchange Services and other large projects delivered in the period are expected
to be reflected in continuing growth and profitability in the full year.
The Group continues to target full year revenues of £5 million and associated
profit before tax in excess of £250,000.
At a strategic level, the Board believes adding scale to the current operational
business via acquisitions would unlock shareholder value. The Group continues to
evaluate potential targets in the market that may be suitable whilst in the
short-term remaining focussed on the opportunities provided by recent organic
growth.
As noted, despite much uncertainty globally, the three markets in which the
Group primarily operates - Retail, Automotive and Corporate - are continuing to
see strong long-term demand. We continue to monitor and control the cost base
carefully, whilst balancing the growth of the business and continuing to seek
additional clients and projects. The Board remains confident in MediaZest's
ability to deliver year-on-year growth, alongside full year profitability, and
remains optimistic about the Group's future potential.
Keith Edelman
Chairman
16 June 2026
MediaZest Plc
Unaudited Interim Results for the six months ended 31 March 2026
MediaZest's interim results are set out below, with comparisons to the same
period in the previous year, as well as to MediaZest's audited results for the
year ended 30 September 2025.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 MARCH
2026
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-26 31-Mar-25 30-Sep-25
Note £'000 £'000 £'000
Continuing
Operations
Revenue 4,154
2,673 1,906
Cost of sales (1,321) (779) (1,808)
Gross profit 2,346
1,352 1,127
Administrative (1,232) (931) (2,014)
expenses
excluding
depreciation
and
amortisation
Administrative (65) (53) (109)
expenses -
depreciation
and
amortisation
Operating 55 144 223
profit
Finance costs (46) (88) (120)
Finance income 5 546 - -
exceptional -
Gain on write
off of
interest
relating to
loans and
unwinding of
Convertible
instrument
Finance income 5 198 - -
exceptional -
Fair Value
Gain following
restructuring
of borrowings
Profit before 754 56 103
taxation
Taxation - (3) (5)
Profit for the 754 53 98
period and
total
comprehensive
income for the
period
attributable
to the owners
of the parent
Earnings per
ordinary 0.1p
share
2 0.0420 0.0031 0.0058
Basic
2 0.0420 0.0031 0.0058
Diluted
Alternative
performance
measure
EBITDA 120 197 332
EBITDA is defined as Profit before Tax, adjusted for finance costs, depreciation
and amortisation as separately identified above.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-26 31-Mar-25 30-Sep-25
Note £'000 £'000 £'000
ASSETS
Non-current
assets
Goodwill 2,772 2,772 2,772
Owned - 89 46 90
Property
plant and
equipment
Right of Use 248 320 284
-
Property
plant and
equipment
Owned - 30 9
Intellectual
Property
Total non 3,138 3,138 3,155
-current
assets
Current
assets
Inventories 313 60 195
Trade and 620 560 1555
other
receivables
Cash and cash 4 350 - 99
equivalents
Total current 1,283 621 1,849
assets
TOTAL ASSETS
4,421 3,758 5,004
EQUITY
Shareholders'
Equity
Called up 3,722 3,686 3,686
Share
capital
Share premium 5,512 5,331 5,333
account
Share options 146 146 146
reserve
Retained (7,722) (8,519) (8,476)
earnings
TOTAL EQUITY 1,658 644 689
LIABILITIES
Non-current
liabilities
Interest 287 457 448
bearing
loans and
borrowings
Current
liabilities
Bank - 7 -
overdraft
Trade and 1,882 1,292 2,585
other
payables
Interest 595 1,359 1,283
bearing
loans and
borrowings
Total current 2,477 2,658 3,868
liabilities
TOTAL 2,764 3,114 4,316
LIABILITIES
TOTAL EQUITY 4,421 3,758 5,004
AND
LIABILITIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 MARCH
2026
Share Share Share Options
Retained Total
Capital Premium Reserve
Earnings Equity
£'000 £'000 £'000
£'000 £'000
Balance at 30 3,686 5,331 146
(8,572) 591
September
2024
Profit for
53 53
the - - -
period
Total
53 53
comprehensive - - -
profit for
the
period
Issue of new
shares - - -
- -
Balance at 31 3,686 5,331 146
(8,519) 644
March
2025
Profit for 2
43 44
the - -
period
Total 2
43 44
comprehensive - -
profit for
the
period
Balance at 30 3,686 5,333 146
(8,476) 689
September
2025
Profit for 179
754 933
the - -
period
Total
754 754
comprehensive - - -
profit for
the
period
Issue of new 179
215
shares 36 -
-
Balance at 31 3,722 5,512 146
(7,722) 1,658
March
2026
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 MARCH 2026
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-26 31-Mar-25 30-Sep-25
Note £'000 £'000 £'000
Cash flows
from
operating
activities
Cash 3 235 194 478
generated
from/(used
by)
operations
Taxation
- - -
Net cash 235 194 478
generated by
operating
activities
Cash flows
used in
investing
activities
Purchase of (49) (8) (80)
property,
plant
and machinery
Sale of
tangible - - -
fixed
assets
Net cash used (49) (8) (80)
in investing
activities
Cash flows
from
financing
activities
Payment of (5) (9) 30
hire purchase
liabiliies
Loan (82) (12) (80)
repayment
Bounce back (5) (5) (10)
loan
(repayments)
Invoice (163) (203)
financing -
(repayments)
Payment of (32) (37) (71)
lease
liabilities
Share issue 215
proceeds - -
Share Issue (8)
costs - -
Interest paid (17) (30) (30)
Net cash 65 (257) (363)
generated
from/(used
in) financing
activities
Increase/(decr 251 (71) 35
ease) in cash
and cash
equivalents
Cash and cash 99 64 64
equivalents
at beginning
of period
Cash and cash 4 350 (7) 99
equivalents
at end of the
period
NOTES TO THE FINANCIAL INFORMATION
1. Basis of Preparation
The Group's annual financial statements are prepared in accordance with UK
adopted International Accounting Standards and, accordingly, the consolidated
six-month financial information in this report has been prepared on the same
basis. The financial statements have been prepared under the historical cost
convention.
The International Accounting Standards are subject to amendment and
interpretation by the International Accounting Standards Board (IASB). The
financial information has been prepared on the basis of UK adopted international
accounting standards expected to be applicable as at 30 September 2025.
This interim report does not comply with IAS 34 "Interim Financial Reporting" 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. These projections reflect the
improvement in business and new contracts won during the period, as noted in the
review above, restructuring of debt obligations during the period, equity
raising of £215,000 before expenses in February 2026 and the associated
improvement in financial results and cash position.
In addition, these forecasts have been considered in the light of the ongoing
challenges in the global economy as a result of inflationary pressures, war in
Ukraine and any potential downside associated with the current conflict in the
Middle East, and previous experience of the markets in which the Group operates
and the seasonal nature of those markets.
These forecasts indicate that the Group will generate sufficient cash resources
to meet its liabilities as they fall due over the next 12-month period from the
date of this interim announcement.
As a result, the Directors consider that it is appropriate to draw up the
financial information on a going concern basis.
The main operating business, MediaZest International Limited, retains long term
relationships with major clients and is developing further large clients and
continues to win new project business. As such the Board believes the long-term
outlook for the group is positive and no impairment is necessary to the carrying
value of this asset
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 30 September 2025 have been filed with
the Registrar of Companies. The report of the auditors on those statutory
accounts was unqualified and did not contain a statement under section 498(2) or
498(3) of the Companies Act 2006.
The financial information for the six months to 31 March 2026 has not been
audited.
2. Earnings per Share
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-26 31-Mar-25 30-Sep-25
Profit after tax 754 53 98
£000
Weighted average 2,054,760,724 1,795,413,329 1,696,425,774
numbers of shares
Basic earnings 0.0420 0.0031 0.0058
per share (pence)
Diluted earnings 0.0420 0.0031 0.0058
per share (pence)
The diluted earnings per share is identical to that used for basic earnings per
share as the share options in existence "out of the money" and therefore anti
-dilutive.
3. Cash from operating activities
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-26 31-Mar-25 30-Sep-25
£'000 £'000 £'000
Profit before tax 754 56 103
Depreciation/amort 65 53 108
isation charge
Forex costs 1 12 -
Finance (699) 88 120
(Income)/Costs
(Increase)/decreas (118) 16 (119)
e in inventories
(Decrease)/increas (703) (120) 1,258
e in payables
Decrease/(increase 935 89 (992)
) in receivables
Cash from 235 194 478
operating
activities
4. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-26 31-Mar-25 30-Sep-25
£'000 £'000 £'000
Cash in 350 99
hand -
Overdraft (7) -
-
5. Finance Income/(Costs)
The £546,000 gain on write off of interest relating to loans and unwinding of
Convertible instrument is a result of the renegotiation of debt obligations.
This is equal to the historic interest accrued that has been written off and
there is a £17,000 gain from the unwinding of the Convertible instrument that
arises as a result of its initial accounting treatment.
The Fair Value Gain following restructuring of borrowings of £198,000 is
generated because the remaining outstanding loan balances are interest free,
repaid over 6 years, and therefore below market value. Under accounting rules
this leads to a fair value gain on initial recognition that is offset by
notional interest charges within finance costs over the full repayment period.
In the 6 months ended 31 March 2026 this was £29,000.
In recognising these gains, Management have applied judgement that the
interest written off was in the counter parties capacity as loan holders to
better facilitate repayment of their loan principal amounts rather than a
capital contribution for those which were also shareholders.
6. Subsequent events
There were no significant subsequent events.
7. Distribution of the interim report
Copies of the interim report will be available to the public from the Company's
website, www.mediazest.com, and from the Company Secretary at the Company's
registered address at Unit 9, Woking Business Park, Albert Drive, Woking,
Surrey, GU21 5JY.
This information was brought to you by Cision http://news.cision.com
