Picture of Grand Vision Media Holdings logo

GVMH Grand Vision Media Holdings News Story

0.000.00%
gb flag iconLast trade - 00:00
Consumer CyclicalsHighly SpeculativeMicro CapMomentum Trap

REG-Grand Vision Media: Trading Statement

London, 24 April 2020


Grand Vision Media Holdings plc
( “GVMH” or the “Company”)
 

Update on Annual Accounts and Trading

The directors of GVMH announce the following update.

Unaudited revenue for the year ended 31 December 2019 has fallen short of the
prior year, at HKD12,034K [2018 : HKD18,026K]. The decline in sales was
predominantly as a result of reduced advertising revenues from the OOH cinema
sector, and reduced digital marketing revenues. The social unrest in Hong Kong
during the second half of 2019 resulted in a decline in Mainland Chinese
tourists, leading to a reduction in advertising campaigns from customers.

In the first quarter of the year, the Company’s revenues have been adversely
effected by COVID-19, as a result of increased restrictions on working and
social gatherings in Hong Kong and China. The restrictions of movement in
China, and closure of cinemas, have resulted in a reduction in OOH advertising
spend. The border crossings in Hong Kong were restricted to Chinese tourists,
and the Government announced social distancing guidelines for businesses,
which have resulted in a decline in marketing spend by customers in Hong Kong.

The Company is not able to assess the effect of the current crisis on the
results for the current year. It is not clear when trading conditions will
return to normal, however, the Company has been able to leverage its marketing
services to suppliers of personal protection and medical equipment, who have
experienced a significant uplift in business during this recent period. The
Company has expanded its marketing services to include e-commerce and supply
chain management, with a view to maximizing revenue opportunities wherever
possible. The Board will provide further updates in this regard at the time of
releasing the audited results for the year ended 31 December 2019.

Following the FCA’s guidelines on the extended timetable for reporting of
annual accounts during the current crisis, the Company is working towards
reporting its audited final results, for the year ended 31 December 2019, by
the end of June 2020. Further announcements in this regard will be made as
appropriate.

The Directors accept responsibility for this announcement.

For more information:

 Grand Vision Media Holdings plc     http://gvmh.co.uk/                                      
 Jonathan Lo, Director               Tel: +44 (0) 20 7866 2145 or info@gvmh.co.uk            
 Alfred Henry Corporate Finance Ltd                                                          
 Nick Michaels / Jon Isaacs          Tel: +44 (0) 20 3772 0021 or enquiries@alfredhenry.com  

- ENDS -



Copyright (c) 2020 PR Newswire Association,LLC. All Rights Reserved

Recent news on Grand Vision Media Holdings

See all news