Immedia Group PLC COVID-19 and Business Update (9161I)
April 06 2020 - 5:58AM
UK Regulatory
TIDMIME
RNS Number : 9161I
Immedia Group PLC
06 April 2020
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, 6 April 2020
For immediate release
Immedia Group Plc
("Immedia" or "the Company" or "the Group")
COVID-19 and Business Update
Immedia ( AIM: symbol: IME), a supplier of multi-media content
and digital solutions for leading brands and global businesses,
provides the following business update.
Trading
The Covid-19 outbreak has had a material adverse effect on the
economy and many businesses in the UK and around the globe. Immedia
has substantial exposure to the retail sector and a number of
clients, including JD Sports Fashion plc, IKEA and Subway have
closed all or a majority of stores serviced by the Group. In
addition, as a means of conserving cash due to the harmful impact
of Covid-19 several our customers have cancelled or deferred
project work indefinitely.
The Group has acted quickly to develop and implement plans aimed
at preserving the safety of our employees and the long-term
financial health of the business. These contingency plans also
significantly reduce the cash cost of operations in the short to
medium term.
Outlook
Despite a challenging 2019 (in which Brexit uncertainty and
associated economic unrest in the latter half of that year
contributed to spending decisions being deferred or cancelled)
revenue and operating profit for the year ended 2019, which remain
subject to audit, were broadly in line with market
expectations.
We saw many positive signs at the start of this year and in Q1
2020 the business was performing in line with our expectations.
Despite this encouraging start to the new financial year the impact
of Covid-19 will now have a material adverse effect on the Group.
The inherent uncertainty of the situation also means that the
Company is unable to give precise guidance at this time on the
likely 2020 outturn, other than that it will be significantly below
any previous expectations in the market.
Postponement of results
As a result of the currently challenging operating environment
and the recent restructuring efforts Immedia will be delaying the
publication of its annual results for the period ended 31 December
2019, previously due to be released w/c 20 April 2020. A further
update will be made in due course regarding the revised publication
dates for both the preliminary results and AGM.
For further information please contact:
Immedia Group Plc Tel: +44 (0) 1635 556200
Tim Hipperson, Non-executive Chairman
Bruno Brookes, Chief Executive
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
Mark Brady
Neil Baldwin
SP Angel Corporate Finance LLP (Stockbroker) Tel: +44 (0) 207 470 0470
Abigail Wayne
TooleyStreet Communications (IR & Media Tel: +44 (0) 7785 703523
Relations)
Fiona Tooley
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 that 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 Shell, Subway, BP, Nationwide Building
Society, JD Sports, O2, BMW, IKEA and FIFA.
To read more about our business, visit www.immediaplc.com or
email us on enquiries@immediaplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDKZGGDGVVGGZM
(END) Dow Jones Newswires
April 06, 2020 06:58 ET (10:58 GMT)
Fiinu (LSE:BANK)
Historical Stock Chart
From Apr 2024 to May 2024
Fiinu (LSE:BANK)
Historical Stock Chart
From May 2023 to May 2024