Immedia Group PLC Trading Update (2761G)
22 Julio 2019 - 4:27AM
UK Regulatory
TIDMIME
RNS Number : 2761G
Immedia Group PLC
22 July 2019
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, 22 July 2019
For immediate release
Immedia Group Plc
("Immedia" or "the Company" or "the Group")
Trading Update
Immedia (AIM: symbol: IME), a supplier of multi-media content
and digital solutions for leading brands and global businesses,
provides the following unaudited update on its performance covering
the six month period ended 30 June 2019 and up to the date of this
announcement.
Trading
The Group set about 2019 with a solid base coupled with multiple
new business opportunities, with both existing and new clients, and
continued excellent relationships with customers.
We have also been encouraged by growth in our Aberdeen business,
exemplified by the announcement of a major AV installation contract
released on 23 May 2019. We expect the positive performance of our
Aberdeen division to continue throughout the year.
As a Board we anticipated that several of the business
opportunities referred to above would materialise into contracts
during Q2. However, contract conversions are taking longer than
first anticipated, therefore impacting the budgeted performance of
the first half of the year. Whilst we remain confident that the
expected proportion of new business opportunities will occur, we
cannot be certain of the timing, or that a substantive level of
this business will come on stream in the current financial
year.
As a result of these uncertainties, combined with a number of
challenging factors impacting the economy generally and our market
sector in particular, the Board considers it prudent to revise
market estimates for the year ending 31 December 2019 as a
whole.
Given the weaker than expected trading result in HY1, the
Company expects that the results for the financial year ending 31
December 2019 will now be below market estimates. The Company
currently anticipates that the revised revenue for the financial
year will be not less than GBP4.1m resulting in EBITDA in the
region of cGBP(0.3m), however the Board anticipates the outturn to
be better given the current pipeline.
Financial position
The Group continues to have a healthy balance sheet and working
capital after making necessary adjustments to its cost base.
Summary
The Board remains positive despite a cautious trading
environment. The business will continue to focus on tightly
managing its operating costs and driving efficiencies to ensure
that the trading of the business remains secure. We are also
leveraging client engagement whilst our pipeline of opportunity
continues to be healthy across our key targets including the
development of Omni-channel. We remain optimistic that some of
these will be delivered over the short to medium term and will keep
shareholders abreast of developments as appropriate.
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, HSBC, 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
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END
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