REG-MediaZest Plc: Half-year Report
Mon 07:02
30 June 2025
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
MediaZest Plc
("MediaZest", the "Company” or “Group")
Half-year Report
Unaudited Interim Results for the six months ended 31 March 2025
MediaZest plc (AIM: MDZ), the creative audio-visual solutions provider,
reports its unaudited interim results for the six months ended 31 March 2025
(“H1 FY25” or the “Period”), showing considerable improvement on the
prior comparative period, as the Group delivers significant revenue growth and
a return to profitability at the EBITDA and pre-tax level. This positive trend
is expected to continue in the second half of the financial year as a result
of recent project wins and new business activity, as MediaZest expects to
report year-on-year growth.
Financial Highlights H1 FY25 H1 FY24
£’000 £’000
Revenue 1,906 1,173
Gross Profit 1,127 701
Gross Margin 59% 60%
EBITDA(1) 197 (28)
Profit/(Loss) after tax 53 (141)
Profit/(Loss) per share (pence) 0.0031 (0.0092)
(Bank overdraft) / Cash in hand (7) 14
(1) EBITDA is defined as Profit/(Loss before tax adding back Finance costs,
depreciation and amortisation
Operational Highlights
* Significant increase in H1 performance driven by long-term project roll outs
with key customers including Arc’Teryx, Hyundai, KIA, Lululemon Athletica
and Pets at Home
* Recurring revenue streams grew significantly during the Period, underpinned
by extensions of ongoing contracts following additional roll out projects and
new business wins including a global project in Duty Free stores in airports
* Delivery of LED, screen, and audio solutions for Lululemon Athletica stores
in Berlin and the new London flagship store in Regent Street as MediaZest
continues to work with them across Europe
* Additional installs for Arc’Teryx in two European flagship stores
* Further KIA showrooms delivered in Netherlands via MediaZest’s Dutch
subsidiary
Post-period end & Outlook
* Appointment of new Chairman, Keith Edelman, bringing vast experience both in
retail and the public markets to help the Group build on current momentum
* Strong start to H2 FY25, with a series of new orders from a wide range of
existing customers with potential new clients in the pipeline
* New business wins include installations in the Netherlands, Italy, and
Sweden, to be delivered in H2 FY25, and the pipeline of potential new project
work in Europe continues to expand
* Continuation of strong long-term demand for audio-visual technology in
MediaZest’s three core sectors - retail, automotive and corporate offices -
despite global uncertainty
* Positive Outlook: Aiming to build on the progress in H1 and generate further
growth organically and targeting profitability for the full financial year
ending 30 September 2025
* Buy and Build Strategy: Continuing to evaluate suitable parties for
potential “buy and build” acquisitions
Notice of Investor Presentation
Geoff Robertson, Chief Executive Officer, will provide a live presentation in
relation to the Company’s Interim Results via the Investor Meet Company
platform on 9(th) July 2025 at 10.30am GMT. The presentation is open to all
existing and potential shareholders. Investors can sign up to Investor Meet
Company for free and register
here: https://www.investormeetcompany.com/mediazest-plc/register-investor
Geoff Robertson, Chief Executive Officer, commented: “We are delighted with
the progress seen in H1 FY25 and expect continued momentum through the
remainder of the financial year and into FY26 and FY27.
“The Group continues to win new projects both with existing and new clients,
driving recurring revenue streams and delivering organic growth. With our
subsidiary in Europe going from strength to strength we are very optimistic
about the future and prospects for significant further growth.”
Enquires
MediaZest Plc www.mediazest.com
Geoff Robertson, Chief Executive OfficerKeith Edelman, Chairman via Walbrook PR
SP Angel Corporate Finance LLP (Nomad) Tel: +44 (0)20 3470 0470
David Hignell/Adam Cowl
Hybridan LLP (Corporate Broker) Tel: +44 (0)20 3764 2341
Claire Noyce
Walbrook PR (Media & Investor Relations) Tel: +44 (0)20 7933 8780 or mediazest@walbrookpr.com
Paul McManus / Alice Woodings / Lianne Applegarth Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654
+44 (0)7584 391 303
About MediaZest (www.mediazest.com)
MediaZest is a creative audio-visual solutions provider that specialises in
delivering innovative digital signage and audio systems to leading retailers,
brand owners and corporations. The Group offers an integrated service from
content creation and system design to installation, technical support, and
maintenance. MediaZest was admitted to the London Stock Exchange's AIM in
February 2005.
CHAIRMAN’S STATEMENT
The Board presents the consolidated unaudited results for the six months ended
31 March 2025 for MediaZest plc and its wholly owned subsidiary companies
MediaZest International Ltd (“MDZI”) and MediaZest International BV
(“MDZBV”) (together “MediaZest” or “the Group”).
Overview
The Board is pleased to deliver a strong H1 FY25 performance, with revenues up
by 63% to £1.9m, and gross profits increasing by 61% as a consequence. The
Group returned to profit at both EBITDA and pre-tax levels, with a significant
new contract win building on wins in the prior year. The Group has had a
positive start to H2 FY25 and has a strong pipeline for FY26 and beyond. The
Board believes the outlook for MediaZest is encouraging and well-positioned
for continued growth.
Operational Review
Positive H1 FY25 performance driven by long term project roll outs with key
customers and new business wins
The Company’s long-term client base remains consistent and continues to
generate new opportunities. During the Period, the Group provided digital
signage solutions to another tranche of stores for long-standing client, Pets
at Home. This included a new store format at New Malden and Kettering,
including outdoor LED technology.
In the Automotive sector, the Group continued to deliver new dealership
experiences for Hyundai in the UK, and KIA in three European countries, as
well as working with individual dealer groups on specific showroom
initiatives.
MediaZest continues to provide and expand its ongoing professional services in
support of projects with each of these clients.
MediaZest completed work on additional Lululemon Athletica flagship stores in
Berlin and London, and for Arc’Teryx in its new stores in Chamonix, France
and Milan, Italy. All four projects prominently featured LED technology which
continues to be an area of strong growth for the Company.
A significant new contract was won at the end of FY24 to deliver audio visual
experiences, content management, and support in approximately 40 airports
across Europe, the Middle East, Africa, and Asia Pacific on an ongoing basis
for a global brand within Duty Free shops.
Coupled with the continuing growth in new stores and long-term clients who
consistently utilise professional services provided by MediaZest, including
software licences, content management, support and maintenance, the Group’s
recurring revenue streams continue to expand. On a run rate basis, these
contracts now generate over £1 million per annum for the Group which assists
with visibility of future financial performance as well as providing a strong
base to continue to grow and improve its offering in this area.
Financial Review
Year-on-year improvement in results
* Revenue was £1,906,000, up 63% (H1 FY24: £1,173,000).
* Gross profit was up by 61% to £1,127,000 (H1 FY24: £701,000).
* Gross margin consistent at 59% (H1 FY23: 60%)
* Administrative expenses before depreciation and amortisation were
£1,017,000, an increase of 27% (H1 FY24: £803,000) reflecting the greater
cost base required to deliver the increase in business.
* EBITDA improved significantly to a profit of £197,000 (H1 FY24: loss of
£28,000).
* Net profit after taxation was £53,000 (H1 FY24: loss of £141,000).
* The basic and fully diluted profit per share was 0.0031 pence (H1 FY24: loss
per share 0.0092 pence).
* Cash and cash equivalents at 31 March 2025 were an overdraft of £7,000 (H1
FY24: cash in hand £14,000).
* Invoice discounting facility improved to £39,000 as at 31 March 2025 (H1
FY24: £227,000), a repayment of £188,000. As at 31 May 2025, the balance
owed was £nil.
The Period showed considerable improvement on the prior comparative six months
with this trend expected to continue into the second half of the financial
year, with recent project wins and new business activity secured. Margins
continue to be robust with the mix of services offered consistent with the
prior year and recurring revenue contracts keeping pace with new project work.
The Board continues to keep a close eye on costs, however additional
investment in the delivery team to fulfil new contract wins with inevitably
lead to some increases in the cost base.
The Group recently paid back its invoice discounting facility with Royal Bank
of Scotland which will save approximately £30,000 per annum moving forwards.
As announced on 31 March 2025, a short term funding agreement for up to
£60,000 was also put in place at the Period end due to timing issues, client
payments, and the ongoing debt repayment. This was reversed after the Period
end and the Group expects to show a much improved working capital position at
the year end.
Outlook
Encouraging outlook for full year
The Board believes the outlook for the remainder of the financial year and
beyond is very encouraging. The large new business wins delivered in the
period are expected to be reflected in continuing top line growth and
profitability for the full year.
The Group’s Netherlands subsidiary continues to perform well and attract
client interest, allowing the Group to better facilitate project delivery and
logistics and to capitalise on these new opportunities within the EU.
Recurring revenue streams have been particularly encouraging with additional
new business wins in this area continuing to flourish in the second half of
FY25.
At a strategic level, the Board believes adding scale to the current
operational business via acquisitions would unlock shareholder value. The
Group continues to evaluate potential targets in the market that may be
suitable whilst in the short-term remaining focussed on the opportunities
provided by recent organic growth.
As noted, despite much uncertainty globally, the three markets in which the
Group primarily operates – Retail, Automotive and Corporate – are
continuing to see strong long-term demand. We continue to monitor and control
the cost base carefully, whilst balancing the growth of the business and
continuing to seek additional clients and projects. The Board remains
confident in MediaZest’s ability to deliver year-on-year growth, alongside
full year profitability, and remains optimistic about the Group's future
potential.
Keith Edelman
Chairman
30 June 2025
MediaZest Plc
Unaudited Interim Results for the six months ended 31 March 2025
MediaZest’s interim results are set out below, with comparisons to the same
period in the previous year, as well as to MediaZest’s audited results for
the year ended 30 September 2024.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31
MARCH 2025
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-25 31-Mar-24 30-Sep-24
Note £'000 £'000 £'000
Continuing Operations
Revenue 1,906 1,173 3,074
Cost of sales (779) (472) (1,479)
Gross profit 1,127 701 1,595
Administrative expenses before depreciation and amortisation (1,019) (803) (1,581)
EBITDA 197 (28) 14
Administrative expenses - depreciation and amortisation (53) (38) (74)
Operating profit/(loss) 144 (66) (60)
Finance costs (88) (75) (151)
Profit / (Loss) before taxation 56 (141) (211)
Taxation (3) - (3)
Profit/(loss) for the period and total comprehensive loss/income for the period attributable to the owners of the parent 53 (141) (214)
Profit/(loss) per ordinary 0.1p share in pence
Basic 2 0.0031 (0.0092) (0.0126)
Diluted 2 0.0031 (0.0092) (0.0126)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-25 31-Mar-24 30-Sep-24
Note £'000 £'000 £'000
ASSETS
Non-current assets
Goodwill 2,772 2,772 2,772
Owned - Property plant and equipment 46 44 56
Right of Use - Property plant and equipment 320 15 355
Total non-current assets 3,138 2,831 3,183
Current assets
Inventories 60 85 76
Trade and other receivables 560 551 649
Cash and cash equivalents 4 - 14 64
Total current assets 620 650 789
TOTAL ASSETS 3,758 3,481 3,972
EQUITY
Shareholders' Equity
Called up Share capital 3,686 3,686 3,686
Share premium account 5,331 5,334 5,331
Share options reserve 146 146 146
Retained earnings (8,519) (8,500) (8,572)
TOTAL EQUITY 644 666 591
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings 456 7 492
Current liabilities
Bank overdraft 7 - -
Trade and other payables 1,292 1,284 1,412
Interest bearing loans and borrowings 1,359 1,524 1,477
Total current liabilities 2,658 2,808 2,889
TOTAL LIABILITIES 3,114 2,815 3,381
TOTAL EQUITY AND LIABILITIES 3,758 3,481 3,972
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 MARCH
2025
Share Share Share Options Retained Total
Capital Premium Reserve Earnings Equity
£'000 £'000 £'000 £'000 £'000
Balance at 30 September 2023 3,656 5,244 146 (8,358) 688
Loss for the period - - - (141) (141)
Total comprehensive loss for the period - - - (141) (141)
Issue of new shares 30 90 - - 120
Balance at 31 March 2024 3,686 5,334 146 (8,500) 666
Loss for the period - (3) - (72) (72)
Total comprehensive loss for the period - (3) - (72) (75)
Balance at 30 September 2024 3,686 5,331 146 (8,572) 591
Profit for the period - - - 53 53
Total comprehensive loss for the period - - - 53 53
Issue of new shares - - - - 0
Balance at 31 March 2025 3,686 5,331 146 (8,519) 644
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31 MARCH 2025
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-25 31-Mar-24 30-Sep-24
Note £'000 £'000 £'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations 3 194 (185) (108)
Taxation - - -
Net cash generated by/(used in) operating activities 194 (185) (108)
Cash flows used in investing activities
Purchase of property, plant and machinery (8) - (28)
Net cash used in investing activities (8) - (28)
Cash flows from financing activities
Payment of hire purchase liabilities (9) (5) 13
Shareholder loan (interest paid)/loan receipts (12) 66 84
Bounce back loan repayments (5) (5) (8)
Invoice financing (repayments)/receipts (178) 91 -
Payment of lease liabilities (22) (33) (7)
Share issue proceeds - 120 120
Share Issue costs - - (3)
Interest paid (30) (75) (39)
Net cash (used in) / generated from financing activities (256) 159 160
(Decrease)/increase in cash and cash equivalents (70) (26) 24
Cash and cash equivalents at beginning of period 64 40 40
Cash and cash equivalents at end of the period 4 (7) 14 64
NOTES TO THE FINANCIAL INFORMATION
1. Basis of Preparation
The Group’s annual financial statements are prepared in accordance with UK
adopted International Accounting Standards and, accordingly, the consolidated
six-month financial information in this report has been prepared on the same
basis. The financial statements have been prepared under the historical cost
convention.
The International Accounting Standards are subject to amendment and
interpretation by the International Accounting Standards Board (IASB). The
financial information has been prepared on the basis of UK adopted
international accounting standards expected to be applicable as at 30
September 2025.
This interim report does not comply with IAS 34 “Interim Financial
Reporting” as permissible under the AIM Rules for Companies.
Going Concern
The Directors have considered financial projections based upon known future
invoicing, existing contracts, pipeline of new business and the number of
opportunities it is currently working on. These projections reflect the
improvement in business and new contracts won during the period, as noted in
the review above, and the associated improvement in financial results and
therefore cash generation in the second half of the financial year ended 30
September 2025.
In addition, these forecasts have been considered in the light of the ongoing
challenges in the global economy and previous experience of the markets in
which the Group operates and the seasonal nature of those markets.
These forecasts indicate that the Group will generate sufficient cash
resources to meet its liabilities as they fall due for at least a 12-month
period from the date of this interim announcement.
As a result, the Directors consider that it is appropriate to draw up the
financial information on a going concern basis.
Goodwill
The main operating business, MediaZest International Limited, retains long
term relationships with major clients and is developing further large clients
and continues to win new project business. As such the Board believes the
long-term outlook for the group is positive and no impairment is necessary to
the carrying value of this asset.
Non-statutory accounts
The financial information contained in this document does not constitute
statutory accounts within the meaning of Section 434 of the Companies Act 2006
(“the Act”).
The statutory accounts for the year ended 30 September 2024 have been filed
with the Registrar of Companies. The report of the auditors on those statutory
accounts was unqualified and did not contain a statement under section 498(2)
or 498(3) of the Companies Act 2006.
The financial information for the six months to 31 March 2025 has not been
audited.
1. Earnings per Share
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-25 31-Mar-24 30-Sep-24
(Loss)/profit after tax £000 53 (141) (214)
Weighted average numbers of shares 1,696,425,774 1,530,852,004 1,696,425,774
Basic earnings per share (pence) 0.0031 (0.0092) (0.0126)
Diluted earnings per share (pence) 0.0031 (0.0092) (0.0126)
The diluted loss per share is identical to that used for basic loss per share
as the options are "out of the money" and therefore anti-dilutive.
1. Cash from operating activities
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-25 31-Mar-24 30-Sep-24
£'000 £'000 £'000
Profit/(loss) before tax 56 (141) (211)
Depreciation/amortisation charge 53 38 71
Forex costs 12 - -
Finance Costs 88 75 151
Decrease/(increase) in inventories 16 12 21
(Decrease)/increase in payables (120) (24) 104
Decrease/(increase) in receivables 89 (145) (244)
Cash from operating activities 194 (185) (108)
4. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months 12 months
31-Mar-25 31-Mar-24 30-Sep-24
£'000 £'000 £'000
(Bank overdraft) / Cash in hand (7) 14 64
5. Subsequent events
There were no significant subsequent events.
6. Distribution of the interim report
Copies of the interim report will be available to the public from the
Company’s website, www.mediazest.com, and from the Company Secretary at the
Company's registered address at Unit 9, Woking Business Park, Albert Drive,
Woking, Surrey, GU21 5JY.
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