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MediaZest PLC on Wednesday said trading in the second half of its financial year has been ‘promising’, with ‘significant’ new business wins with both new and existing clients. In the six months ending September 30, the Surrey-based audiovisual services firm said it expects, as with the first half, recurring revenue streams and margins to ‘remain robust’. MediaZest said new business wins in ‘multiple EU countries’ will generate revenue in excess of €500,000. It also noted strong trading in its Netherlands-located subsidiary, which was established in late 2022 to facilitate project delivery in EU countries. In the UK, MediaZest said the volume of client work continued to grow with new projects for several existing clients, including Pets at Home Group PLC, Hyundai Motor Co, HMV and lululemon athletica Inc. MediaZest expects all of these projects to be delivered in the second half. ‘As expected, the establishment of our subsidiary in the Netherlands has already begun to pay off, with additional revenues generated and multiple new client projects under negotiation,’ said MediaZest Chief Executive Officer Geoff Robertson. ‘The volume of UK business also remains encouraging with existing clients and new customers engaging with us to deploy projects, all of which bodes well for the longer term growth prospects of the group.’ Looking ahead, MediaZest said it remains confident in an ‘encouraging’ outlook for the second half and expects to report improved financial results in ‘due course’. Shares in MediaZest were up 32% to 0.059 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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