Mediazest delivers 'positive' H1 performance

13th May 2024 11:34

(Sharecast News) - Audio-visual solutions provider Mediazest said on Monday that it had delivered a "positive" first-half performance, with strong momentum also continuing into H2 with further contract wins.

Mediazest said trading was "encouraging" for the six months ended 31 March, with long-term project rollouts with key customers contributing to an improved first-half performance. It also noted that first-half revenues were expected to grow year-on-year and it expects to deliver improved year-on-year underlying earnings

The AIM-listed firm also highlighted it had made "a strong start" to the second half, with a series of new orders in recent weeks from a wide range of customers, including well-known brands.

Mediazest said new orders represented additional revenues in excess of £350,000 relating to project work, which it believes will also attract further revenues in the form of related ongoing support and maintenance revenues, further contributing to the company's growing annual run rate for recurring revenues.

Chief executive Geoff Robertson said: "In addition to the new business wins already achieved this year, we are currently in final negotiations on a number of projects which, if successful, will lead to significant contract confirmations before the year-end. We continue to grow recurring revenue streams and add new clients to our roster, and remain positive about the group's future potential. We have bolstered our sales and marketing team internally as we build value in the business for the coming years."

As of 1115 BST, Mediazest shares were 68.33% higher at 0.10p.

Reporting by Iain Gilbert at Sharecast.com