Immedia Group PLC Trading Update (1246D)
January 29 2018 - 1:00AM
UK Regulatory
TIDMIME
RNS Number : 1246D
Immedia Group PLC
29 January 2018
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Monday, 29 January 2018
For immediate release
Immedia Group plc
("Immedia" or "the Company" or "the Group")
Trading Update
Immedia (AIM: symbol: IME), a supplier of multi-media content
and digital solutions for leading brands and global businesses,
provides the following unaudited update on its performance for the
year ended 31 December 2017 and the period up to this announcement:
-
Introduction
Overall, our business has made considerable progress. The
collective knowledge and skills-set has underpinned our ability to
integrate, consolidate and strengthen the Group's product and
service offering which, by the year end, has also afforded us
greater marketing and client opportunities in our key target
sectors. As we stated at the interim stage levels of new and
existing client engagement remain high.
Trading
As a business we have experienced solid trading in 2017
evidenced through a mix of new contracts, organic growth and a full
year's turnover from AVC Immedia. This has seen sales up c.36% over
those reported for the 2016 financial year (2016: FYGBP2.6m). The
uplift in revenue reflects the benefits of an enlarged Group
offering as investment and initiative programmes start to feed
through.
As a Board we have been very encouraged by progress, however
2017 fell short of management expectations, with December being
weaker than budgeted. The shortfall in our trading expectations
reflects the impact of delays to the commencement of certain
projects that we had anticipated to start in Q4 2017 and
subsequently contribute to our trading performance. Whilst the
contractual delays are somewhat disappointing, the Board is
confident that this is temporary, and we therefore expect this
contractual revenue will come on stream during the course of our
2018 financial year and contribute positively to our future trading
results. We will keep shareholders abreast of these contract
developments as appropriate.
The growth in our business brought about by the AVC acquisition
has resulted in time being invested in the careful consolidation
and integration of this business to achieve optimal synergistic
benefits and capitalise on the entrepreneurial and technical skills
of the rebranded AVC Immedia operations. Significant progress was
made in 2017, but the trading performance of our acquisition has
been slower to materialise than we expected. The Directors remain
optimistic however that the full benefit of integration, cost
reduction and business development initiatives at AVC Immedia will
be seen over 2018 and into 2019.
Financial position
The Group continues to have a healthy balance sheet and at the
2017 period end had no borrowings.
2017 trading performance & summary
The delays reported above coupled with the slower than
anticipated financial performance of AVC Immedia will result in the
Group reporting an increased loss before tax for the year ended 31
December 2017 which, subject to audit, is expected to be in the
region of GBP600,000 (FY 2016: loss GBP184,372 HY2017: loss
GBP188,225).
Nevertheless, despite this result, we have retained all existing
clients and attracted new clients over the course of 2017. We
remain confident in our strategy and will continue to develop our
exciting and innovative business model, which we believe will see
us broaden our offering and become 'partner of choice' for many
leading brands.
Immedia Group enters the new financial year in good shape; we
remain confident in our ability to further develop our activities
in the UK and across Europe and the management team continue to be
encouraged by the pipeline of opportunities and outlook for the
business over the medium term.
Notice of 2017 results
The Company looks forward to updating the market and
shareholders further on trading and progress when it announces
Immedia's preliminary results for the year ended 31 December 2017,
currently scheduled to be released in mid-April 2018.
Enquiries:
Immedia Group plc Tel: +44 (0) 1635
Tim Hipperson, Non-executive 556200
Chairman
Bruno Brookes, CEO
www.immediaplc.com
SPARK Advisory Partners
Limited (Nomad)
Mark Brady Tel: +44 (0) 203
Neil Baldwin 368 3550
SI Capital Limited (Stockbroker)
Nick Emerson Tel: +44 (0) 1483
413500
Yellow Jersey (commercial
& trade media PR) Tel: +44 (0) 7812
Adam Wurf 450 398
Abs Hassanali Tel: +44 (0) 7400
227 701
TooleyStreet Communications
(IR & media relations)
Fiona Tooley Tel: +44 (0) 7785
703523
About Immedia Group plc
Immedia Group plc is a multi-media content and digital solutions
provider to global businesses and organisations, who are investing
in internal and/or brand communications.
Our business provides a wide range of 'live' branded channels
specifically to retail locations across the UK and Europe with an
estimated listening audience of 8.5 million listeners per week.
Immedia's interactive audio channels deliver original and relevant
content, via its own DreamStream X platform with encrypted
Dreamstream technology deployed in each location. Dreamstream X
provides a mix of 'on brand' national and localised content to a
client's workforce and customer base. Each channel is supported
with powerful data analytics tools which monitor audience activity
and provide data to enable us to further enhance audience
engagement.
Immedia Group also creates original video content, 3D animation,
app and web development, as well as supplying and installing Audio
Visual equipment.
Immedia clients include: HSBC, Shell, Subway, BP, Superdrug, JD
Sports, O2, BMW, IKEA and FIFA.
To read more about our business, visit www.immediaplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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