RNS Number : 1092K

Immedia Group PLC

31 August 2021


31 AUGUST 2021


This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation (EU) No. 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement, this information is considered to be in the public domain.



("Immedia" or the "Company" or the "Group")


" The Group has made significant progress in its journey to consistent profitability in an environment that continues to be extremely challenging"

Immedia (AIM: IME), a supplier of multi-media content and digital audience engagement solutions for leading brands and global businesses, announces its unaudited Half-year results for the six months ended 30 June 2021.

Commenting on the performance, Immedia's CEO Ross Penney said:

"Given continued difficult market conditions we have re-engineered the business to suit the new trading environment. This is evidenced by a substantial improvement on trading EBITDA compared to the prior period as we have benefited from a full six months of reduced cost base.

Prospects for HY2 2021 are favourable, and we expect the HY2 trading environment to be significantly more positive than HY1 as COVID-19 restrictions ease. We believe that, as a result of the numerous improvements in culture, structure and process, the business is well placed to capitalise on increased market demand and make a sustained return to profitability.

At the strategic level, the Board continues to investigate appropriate transactions that will deliver value to shareholders and will make announcements as necessary. As previously stated, this may include divestment options for its main trading subsidiary, Immedia Broadcast Limited. Any proposed disposal would require shareholders' approval under AIM Rule 15."

        *    18% decrease in revenue to GBP1,086,388 compared to 
             HY1 2020 
        *    HY1 Loss before tax of GBP427,730 compared to loss of 
             GBP244,835 in HY1 2020 
        *    Non-operating costs in HY1 were GBP287,754 compared 
             to GBPnil in HY1 2020 due to costs relating to the 
             aborted Sprift transaction and the GBP3m equity 
             fundraising announced on 8 January 2021 
        *    Improved EBITDA trading loss of GBP22,483 compared to 
             a HY1 2020 loss of GBP129,258 
        *    The continued pandemic in HY1 2021 resulted in the 
             continued closure of client sites and delays to 
             project work and limited new business revenue 
        *    Continued structure, process and resource 
        *    Cultural re-invention to foster a united and focused 
       Post period-end 
        *    The termination of talks with Sprift announced on 15 
             July 2021 
        *    New partnership with Irish agency, Focal Media, 
             resulting in a new contract with retailer Lifestyle 
        *    Extension of existing relationship with JD Sports 
             Fashion plc as service supplied to additional stores 
             in France 
        *    September 2021 is expected to be the best trading 
             month since pre-pandemic 
        *    Improved HY2 outlook in prospect as the effects of 
             the pandemic which have been affecting our clients 
             start to ease off 
    Key Financials                                    Unaudited      Unaudited        Audited 
                                         half year      half year        year to 
                                                to             to         31 Dec 
                                       30 Jun 2021    30 Jun 2020           2020 
     ------------------------------  -------------  -------------  ------------- 
      Revenue                         GBP1,086,388   GBP1,328,069   GBP2,310,872 
      Gross profit                      GBP702,710     GBP785,904   GBP1,386,048 
      EBITDA*                         (GBP339,142)   (GBP219,403)   (GBP504,510) 
      Loss after income tax           (GBP427,730)   (GBP360,867)   (GBP733,181) 
      Net fair value gain/(loss) on     GBP382,500     (GBP3,900)      GBP42,600 
       financial assets 
      Total comprehensive loss         (GBP45,230)   (GBP364,767)   (GBP690,581) 
      Debt                             (GBP81,797)   (GBP385,521)   (GBP138,134) 
      Net funds (cash less debt)      GBP2,006,952    (GBP32,789)     GBP326,098 
     *Loss before interest, tax, depreciation, amortisation and impairment 
 Im media Group plc                                   Tel: +44 (0) 1635 556200 
  Ross Penney, CEO 
 SPARK Advisory Partners Limited (Nomad) 
 Mark Brady/Neil Baldwin                              Tel: +44 (0) 203 368 
 SP Angel Corporate Finance LLP (Stockbroker)         Tel: +44 (0) 207 470 
  Abigail Wayne                                        0470 
 TooleyStreet Communications (IR & 
  Media Relations) 
 Fiona Tooley                                         Tel: +44 (0) 7785 703523 
 About Im media Group plc 
  Im media Group is a multi-media content and digital solutions provider 
  to global businesses and organisations investing in internal and/or 
  brand communications. Our interactive audio channels deliver original 
  and relevant content to a client's workforce and/or customer base. 
  Each channel is supported with powerful data analytics, which monitor 
  audience activity and provide data to enable Im media to enhance 
  audience engagement. The Group also creates original video, 3D animation, 
  app and web content, as well as supplying, installing and maintaining 
  audio-visual equipment. 

Im media's clients include: BP, FIFA, HSBC, JD Sports Fashion plc, Shell, Subway Europe, Nationwide Building

Society,    IKEA and Weir Group. 


Unaudited Half-Year Results for the six months ended 30 June 2021


The Board and management team of Immedia Group plc cannot be satisfied with the HY1 2021 result, although our disappointment is tempered by the continued tough market conditions of the pandemic and a substantial improvement on trading EBITDA compared to the prior period.

Not everything about pandemic trading has been negative. We are pleased to have had the opportunity to develop deeper relationships with our customers as we work with them to manage challenges and develop opportunities.

We have extended our efforts to become a best-in-class business. In our statement of 2020 preliminary results, issued on 13 May 2021, we alluded to the numerous improvements in process, culture, marketing resource and cost base that were implemented throughout 2020 and into the current year.

2021 has seen further work on culture, with the implementation of five core values, indeed the PHIVE core values of Passion, Humanity, Integrity, Visibility and Empathy (see https://avcimmedia.com/core-values-blog/). We have made substantial progress in re-engineering the culture of the business to create a highly valued and highly performing team.

We are pleased that we have seen the results of these measures in significantly improved staff engagement, despite the tribulations of the pandemic.

I would once again like to thank every member of the team for their attitude and work ethic in these unprecedented times.

In the May 2021 statement accompanying the 2020 preliminary results we referred to ongoing uncertainty in 2021, and this remains the case. However, we are seeing improved trading across the business as COVID restrictions ease and are delighted to have extended our relationship with JD Sports Fashion plc as they roll out more stores in France to which we will supply bespoke music via our streaming devices. We now supply content to JD stores in 8 European countries and look forward to expanding into further territories as JD's growth continues.

Furthermore we expect that September 2021 will be the best trading performance since pre-pandemic times.

The Board of Directors remains committed to increasing value for all Company stakeholders and has taken the required steps to boost Group working capital (through the cash raises announced on 20 August 2020 and 8 January 2021) and manage costs.

The Board continues to investigate appropriate transactions that will deliver value to shareholders and will make announcements as necessary.

We remain confident that we have transformed the trading entity Immedia Broadcast Ltd into a lean and focused business that is ready to take advantage of market momentum as COVID-19 restrictions disappear.


Revenue in the period reported decreased 18% to GBP1,086,388 (HY1 2020: GBP1,328,069).

Whilst the EBITDA loss for HY1 increased to GBP427,730 from HY1 2020 GBP244,835, GBP287,754 of the HY1 EBITDA loss is accounted for by non-operational costs relating to: a) the aborted Sprift transaction and b) costs associated with the GBP3m equity fundraise announced on 8 January 2021.

We are gratified that the HY1 trading EBITDA loss reduced to GBP22,483 as against HY1 2020 GBP129,258.

As previously stated, the COVID-19 outbreak has been a significant factor in this result.


Cash management remains a priority; in HY1 2021 cash increased to GBP2,088,748 (HY1 2020: GBP352,733), following the GBP3m equity fundraising announced on 8 January 2021. GBP800,000 was lent to Sprift during HY21, with a further GBP100,000 after the period end. The total loan of GBP900,000 is repayable by Sprift on the terms announced on 15 July 2021. In addition, post the period end, there was an agreement with Sprift for repayment of an additional GBP150,000 of transaction costs in accordance with the terms announced separately on 15 July 2021.

The Group has a GBP50,000 "bounce back" loan from the Government to assist with trading difficulties brought about by COVID-19 on which repayments have now started.


As in previous years, Immedia's investment in AudioBoom Group plc, the leading spoken word audio platform (AIM: BOOM), showed fluctuations in value during the period. In accordance with our IFRS accounting regime, a gain on revaluation of investments of GBP382,500 has been reported in the first half (HY1 2020: loss of GBP3,900). The Board notes that an offer has been indicated for AudioBoom Group plc.


It is encouraging that market conditions are showing continued signs of improvement as pandemic measures are relaxed.

We have never known a business environment like the one brought about by the COVID-19 pandemic. I am extremely proud of the whole team as we responded rapidly and decisively to what was unquestionably a crisis. The huge amount of work done in improving your business will bear fruit in the short to medium term.

There is huge passion, positivity and commitment in our team.

It is genuinely a pleasure to work every day with this group of talented and hardworking people. Stakeholders can be confident that our skills and determination will bring rewards as we expect to turn EBITDA positive in H2 2021 and work to build on that base in decisive fashion in 2022.

As always we will update all stakeholders in a timely fashion as the opportunities we are working on currently are converted to contracts.

Ross Penney, CEO

On behalf of Immedia Group plc

27 August 2021


(Immedia or the Company or the Group)

Unaudited Half-Year results for the six months ended 30 June 2021

 Consolidated statement of       Unaudited     Unaudited       Audited 
  profit or loss                 Half Year     Half Year     Full Year 
 GBP                           30 Jun 2021   30 Jun 2020   31 Dec 2020 
---------------------------   ------------  ------------  ------------ 
 Revenue                         1,086,388     1,328,069     2,310,872 
 Cost of sales                   (383,678)     (542,165)     (924,824) 
----------------------------  ------------  ------------  ------------ 
 Gross profit                      702,710       785,904     1,386,048 
 Admin expenses 
   Business as usual           (1,063,061)   (1,066,699)   (2,086,523) 
   Exceptional items              (75,000)      (40,260)      (40,260) 
----------------------------  ------------  ------------  ------------ 
 Total admin expenses          (1,138,061)   (1,106,959)   (2,126,783) 
 Other income                       12,398             -        68,127 
 Loss from operations            (422,953)     (321,055)     (672,608) 
 Finance income                        259            84           116 
 Finance cost                      (5,036)      (39,896)      (60,689) 
----------------------------  ------------  ------------  ------------ 
 Loss before tax                 (427,730)     (360,867)     (733,181) 
 Tax expense                             -             -             - 
---------------------------   ------------  ------------  ------------ 
 Loss for the period             (427,730)     (360,867)     (733,181) 
============================  ============  ============  ============ 
 Loss per share (pence) 
 Basic and Diluted                  (1.24)        (2.63)        (5.22) 
 Consolidated statement of 
  profit or loss and other                   Unaudited     Unaudited      Audited 
  comprehensive income                       Half Year     Half Year    Full Year 
                                                                           31 Dec 
 GBP                                       30 Jun 2021   30 Jun 2020         2020 
---------------------------------------   ------------  ------------  ----------- 
 Loss for the period                         (427,730)     (360,867)    (733,181) 
   Items that will not be reclassified 
   subsequently to profit or 
   Fair value gain/(loss) on 
    equity investments not held 
    for trading designated as 
    FVTOC                                      382,500       (3,900)       42,600 
----------------------------------------  ------------  ------------  ----------- 
 Total comprehensive loss 
  for the period                              (45,230)     (364,767)    (690,581) 
========================================  ============  ============  =========== 
 Consolidated balance                Unaudited     Unaudited       Audited 
  sheet                              Half Year     Half Year     Full Year 
 GBP                               30 Jun 2021   30 Jun 2020   31 Dec 2020 
-------------------------------   ------------  ------------  ------------ 
 Property, plant and 
  equipment                            102,034       192,996       175,908 
 Intangible assets                     223,263       235,402       229,419 
 Investments                           540,000       111,000       157,500 
 Loan to Sprift Technologies           800,000             -             - 
-------------------------------   ------------  ------------  ------------ 
 Total non-current assets            1,665,297       539,398       562,827 
 Current assets 
 Inventories                            99,895       155,231       124,094 
 Trade and other receivables           485,288       642,192       575,449 
 Cash and cash equivalents           2,088,748       352,733       464,232 
--------------------------------  ------------  ------------  ------------ 
 Total current assets                2,673,931     1,150,156     1,163,775 
--------------------------------  ------------  ------------  ------------ 
 Total assets                        4,339,228     1,689,554     1,726,602 
 Bank loans due > 1 year              (39,639)             -      (43,571) 
 Lease liabilities due 
  > 1 year                               (540)      (18,247)       (2,092) 
 Provisions                           (42,500)      (42,500)      (42,500) 
--------------------------------  ------------  ------------  ------------ 
 Total non-current liabilities        (82,679)      (60,747)      (88,163) 
 Current liabilities 
 Trade and other payables          (1,541,813)   (2,317,670)   (1,803,183) 
 Contract liabilities                (196,988)     (107,799)     (145,195) 
 Bank loans due < 1 year               (9,527)     (250,000)       (6,429) 
 Lease liabilities due 
  < 1 year                            (32,090)     (117,274)      (86,042) 
--------------------------------  ------------  ------------  ------------ 
 Total current liabilities         (1,780,418)   (2,792,743)   (2,040,849) 
--------------------------------  ------------  ------------  ------------ 
 Total liabilities                 (1,863,097)   (2,853,490)   (2,129,012) 
--------------------------------  ------------  ------------  ------------ 
 Net assets/(liabilities)            2,476,131   (1,163,936)     (402,410) 
================================  ============  ============  ============ 
 Share capital                       3,758,184     1,455,684     2,558,184 
 Share premium                       4,546,541     3,586,541     3,586,541 
 Merger reserve                      2,245,333     2,245,333     2,245,333 
 Share-based payment 
  reserve                            1,001,218         4,578        40,218 
 Investment valuation 
  reserve                              450,000        21,000        67,500 
 Retained losses                   (9,525,145)   (8,477,072)   (8,900,186) 
--------------------------------  ------------  ------------  ------------ 
 Total equity                        2,476,131   (1,163,936)     (402,410) 
================================  ============  ============  ============ 

Consolidated statement of changes in equity

Attributable to equity shareholders of the company

                                Called       Share      Merger      Share   Investment      Retained         Total 
                              up share     premium     reserve      based    valuation        losses        equity 
                               capital                            payment      reserve 
                                   GBP         GBP         GBP        GBP          GBP           GBP           GBP 
 Balance at 1 January 
  2020                       1,455,684   3,586,541   2,245,333      4,578       24,900   (8,116,205)     (799,169) 
 Profit/(loss) for 
  the half year                      -           -           -          -            -     (360,867)     (360,867) 
 Other comprehensive 
  loss                               -           -           -          -      (3,900)             -       (3,900) 
 Total comprehensive 
  loss                               -           -           -          -      (3,900)     (360,867)     (364,767) 
 Balance at 30 June 
  2020                       1,455,684   3,586,541   2,245,333      4,578       21,000   (8,477,072)   (1,163,936) 
 Profit/(loss) for 
  the half year                      -           -           -          -            -     (372,314)     (372,314) 
 Other comprehensive 
  income                             -           -           -          -       46,500             -        46,500 
 Total comprehensive 
  loss                               -           -           -          -       46,500     (372,314)     (325,814) 
 Shares placed/subscribed    1,100,000           -           -          -            -      (50,800)     1,049,200 
 Share options exercised         2,500           -           -          -            -             -         2,500 
 Share-based payments                -           -           -     35,640            -             -        35,640 
 Transactions with 
  shareholders               1,102,500           -           -     35,640            -      (50,800)     1,087,340 
 Balance at 31 December 
  2020                       2,558,184   3,586,541   2,245,333     40,218       67,500   (8,900,186)     (402,410) 
 Profit/(loss) for 
  the half year                      -           -           -          -            -     (427,730)     (427,730) 
 Other comprehensive 
  income                             -           -           -          -      382,500             -       382,500 
 Total comprehensive 
  income                             -           -           -          -      382,500     (427,730)      (45,230) 
 Shares and warrants 
  placed/subscribed          1,200,000     960,000           -    840,000            -     (197,229)     2,802,771 
 Share-based payments                -           -           -    121,000            -             -       121,000 
 Transactions with 
  shareholders               1,200,000   1,800,000           -    961,000            -     (197,229)     2,923,771 
 Balance at 30 June 
  2021                       3,758,184   5,386,541   2,245,333     40,218      450,000   (9,404,145)     2,476,131 
 Consolidated statement               Unaudited     Unaudited       Audited 
  of cash flows                       Half Year     Half Year     Full Year 
 GBP                                30 Jun 2021   30 Jun 2020   31 Dec 2020 
--------------------------------   ------------  ------------  ------------ 
 Cash flows from operating 
 Profit/(loss) for the 
  period before income 
  tax                                 (427,730)     (360,867)     (733,181) 
 Adjustments for: 
 Depreciation and amortisation 
  charges                                83,812       101,652       168,098 
 Loss on disposal of assets                 609                           - 
 Share-based payment expense            121,000             -        35,640 
 Financial income                         (259)          (84)         (116) 
 Financial expense                        5,036        39,896        60,689 
 Decrease in inventories                 24,199        46,231        77,368 
 Decrease in trade and 
  other receivables and 
  prepayments                            86,972       409,017       475,761 
 (Decrease)/increase in 
  trade and other payables 
  and deferred income                 (209,577)        26,767     (450,323) 
 Cash generated from operating 
  activities                          (315,938)       262,612     (366,488) 
 Taxation                                     -             -             - 
 Net cash from operating 
  activities                          (315,938)       262,612     (366,488) 
 Cash flows from investing 
 Interest received                          259            84           116 
 Acquisition of property, 
  plant and equipment                   (4,391)       (8,769)      (52,145) 
 Loan advanced to Sprift 
  Technologies Limited                (800,000)             -             - 
--------------------------------   ------------  ------------  ------------ 
 Net cash from investing 
  activities                          (804,132)       (8,685)      (52,029) 
 Cash flows from financing 
 New loans in period                          -             -        50,000 
 Repayment of bank loan                   (833)      (50,000)     (300,000) 
 Repayment of lease liabilities        (55,504)      (48,872)     (111,208) 
 Interest paid                          (1,848)      (39,896)      (45,317) 
 Share and warrant issue              3,000,000             -     1,100,000 
 Costs of share issue                 (197,229)             -      (50,800) 
---------------------------------  ------------  ------------  ------------ 
 Net cash from financing 
  activities                          2,744,586     (138,768)       645,175 
---------------------------------  ------------  ------------  ------------ 
 Net decrease in cash 
  and cash equivalents                1,624,516       115,159       226,658 
 Cash and cash equivalents 
  at 1 January                          464,232       237,574       237,574 
---------------------------------  ------------  ------------  ------------ 
 Cash and cash equivalents 
  at end of period                    2,088,748       352,733       464,232 
=================================  ============  ============  ============ 


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 31 December 2020 have been filed with the Registrar of Companies. The report of the auditors on these statutory accounts was unqualified, did not draw to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Act. The financial information for the six months ended 30 June 2021 and 30 June 2020 is unaudited.

This announcement was approved by the Board on 27 August 2021.

1. Reporting entity

Immedia Group Plc (the "Company") is a public limited company incorporated and domiciled in England and Wales. The address of the Company's registered office, and its principal place of business, is 7-9 The Broadway, Newbury, Berkshire RG14 1AS. The consolidated financial statements of the Company as at and for the year ended 31 December 2020 comprise the Company and its subsidiaries (together referred to as the "Group").

The Group is involved in marketing and communication services through the provision of interactive digital channels products and services using music, radio and screen-based media to provide brand conversation, engaging entertainment and innovative technical solutions. It also supplies, installs and maintains the equipment used to deliver these services.

2. Basis of preparation

The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the United Kingdom. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the United Kingdom. The financial information has been prepared on the basis of IFRS that the Directors expect to be adopted by the United Kingdom and applicable as at 31 December 2020 and 31 December 2021. The Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing the interim financial information.

3. Significant accounting policies

The accounting policies set out in detail in note 2 of the Group's consolidated financial statements to 31 December 2020 have been applied consistently to these unaudited financial statements to 30 June 2021, with the exception of the adoption of new or amended standards which have become applicable for accounting periods commencing on or after 1 January 2021. There are no new standards or amendments to standards which are material to the accounts for the half year ended 30 June 2021.

4. Financial assets

In March 2014 the Group invested GBP90,000 in the purchase of 6,000,000 shares in AudioBoom Group plc, an AIM-quoted audio social media platform, as part of the Group's strategy to broaden its digital marketing and communications services.

The Company has taken the irrevocable election to classify this investment as FVTOCI.

At 30 June 2021 the fair value of the investment was GBP540,000 with a current period fair value gain of GBP382,500 recognised in other comprehensive income (30 June 2020 fair value GBP111,000 with fair value loss of GBP3,900 recognised in other comprehensive income; 31 December 2020 fair value GBP157,500 with fair value gain of GBP42,600 recognised in other comprehensive income).

As at the date of approval of this report, the investment represents c.0.4% of AudioBoom Group plc's shares in issue and has a fair value of GBP558,000.

5. Earnings per share

                                         Unaudited     Unaudited     Full Year 
                                         Half Year     Half Year       Audited 
                                       2021 Number   2020 Number   2020 Number 
 Weighted average number of shares 
  in issue                              35,460,297    14,556,844    14,882,460 
 Less weighted average number 
  of own shares                          (832,374)     (832,374)     (832,374) 
 Weighted average number of shares 
  in issue for basic earnings per 
  share                                 34,627,923    13,724,470    14,050,086 
                                      ============  ============  ============ 

The basic and diluted earnings per share are calculated using the after tax loss attributable to equity shareholders for the financial period of GBP427,730 (30 June 2020: loss GBP360,867; 31 December 2020: loss GBP733,181) divided by the weighted average number of Ordinary shares in issue in each of the relevant periods: 30 June 2020: 34,627,923 shares (30 June 2020: 13,724,470 shares and 31 December 2020: 14,050,086 shares). For the period to 30 June 2021 and the year to 31 December 2020 and period to 30 June 2020 and in accordance with IAS 33, the diluted loss per share is stated as the same amount as basic as there is no dilutive effect.

6. Share capital

Allotted, issued and fully paid:

                                       Number of shares   Nominal value 
 Ordinary shares with nominal value 
  of GBP0.10 per share as at: 
     31 December 2019                        14,556,844       1,455,684 
     Issued in the half year                          -               - 
                                      -----------------  -------------- 
     30 June 2020                            14,556,844       1,455,684 
     Issued in the half year                 11,025,000       1,102,500 
                                      -----------------  -------------- 
     31 December 2020                        25,581,844       2,558,184 
     Issued in the half year                 12,000,000       1,200,000 
                                      -----------------  -------------- 
     30 June 2021                            37,581,844       3,758,184 
                                      =================  ============== 

There are no restrictions on the transfer of shares in Immedia Group Plc. All shares carry equal voting rights.

7. Post balance sheet events

Secured Loan

As previously announced on 26 March 2021, Immedia agreed to provide Sprift Technologies Ltd ("Sprift") with a secured loan facility of up to GBP900,000. As at the balance sheet date, 30 June 2021, GBP800,000 had been drawn.

Since the balance sheet date, a further GBP100,000 was drawn, bringing the total drawn to GBP900,000.

As Immedia has withdrawn from negotiations in relation to the proposed RTO, as announced on 15 July 2021, the loan has become repayable, in full, within 12 months from the withdrawal from negotiations on 15 July 2021 and will attract interest at a rate of 15 per cent per annum, payable monthly. The Directors currently believe that Sprift will be able to repay the loan in accordance with its terms, but this may be dependent on its future trading performance and its ability to secure additional working capital funding as and when required. The loan is secured by a debenture containing fixed and floating charges over Sprift's business and assets, granted by Sprift in favour of Immedia.

Cost agreement with Sprift

Also announced on 15 July 2021, the Company has agreed the recovery of costs from Sprift of GBP150,000, which has been added to the amount owed to Immedia in respect of its secured loan ("Loan"), and which bears interest and is repayable on the same terms as the loan. Of these recoverable costs, GBP75,000 has been charged to the profit and loss account in the half year period ended 30 June 2021.


This document contains certain forward-looking statements which reflect the knowledge and information available to the Company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involving a degree of uncertainty. Although the Group believes that the expectations reflected in these statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Given that these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements.

The Group undertakes no obligation to update any forward-looking statements whether because of new information, future events or otherwise.

The Half-Year Report will be available to view and download from the Group's website at www.immediaplc.com.

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August 31, 2021 02:00 ET (06:00 GMT)

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