London, 30 June 2022
FOR IMMEDIATE RELEASE
Grand Vision Media Holdings plc
( “GVMH” or the “Company”)
Audited Final Results
Grand Vision Media Holdings plc announces its audited final
results for the year ended 31 December
2021.
The CEO Report
Covid continues to have a significant adverse impact on the
Group’s performance for the year. OOH revenues were severely
impacted by the closure of cinemas across China, and the closure of businesses in
Hong Kong, together with the
travel restrictions, adversely affected digital marketing revenues.
Hong Kong and Shanghai both had their worst pandemic
outbreak in the first half of 2022. There was a high degree of
uncertainty throughout that period, with a resulting loss in
overall business confidence. However, we do believe that the second
half of the year will see improvements as the pandemic in the
Greater China area is brought
under control.
Summary of Trading Results
Total revenue for the year was HK$3,039K [2020: HK$5,827K], a decline of 48% compared to the
prior year. This was as a direct result of the COVID restrictions
and cinema closures in the region. Although the Group has been
working on a number of initiatives to bolster revenues, the impact
of the majority of these is only expected to come to fruition in
Q3/2022 onwards.
The total comprehensive loss for the year was HK$6,184K [2020: HK$10,050K]. This was as a direct result of the
reduction is revenues across the Group. The Group continued its
cost savings through space consolidation and headcount reductions,
and has taken advantage of Government fiscal support aimed at
helping businesses through the pandemic.
The Group has 180 panels [2020: 180] in cinemas across
China, and is evaluating other
technologies to promote OOH advertising in the cinema space as well
as other locations.
Cash in hand at the end of the year was HK$172K. The Group continues to manage its cash
within its available resources.
Outlook
COVID-19 continues to have a significant adverse effect on the
Group’s performance in 2021. Much of Asia was under very strict lock down rules and
international travel has been practically suspended. The lock down
in Shanghai in early 2022 gave us
further challenges for the first quarter of the current financial
year. Cinemas in China are still
operating at reduced capacity.
We continue to identify new opportunities and have begun some
projects in relation to the brokering of commodities. We are also
beginning to work on some projects assisting consumer brands to
expand geographically.
However, we are hopeful for the resumption of cross border
travel beginning in Q3 of the year and we expect a slow but steady
return to normalcy in travel and trading for the remainder of the
year.
These will shortly be available (along with the Company's 2021
Annual Report) to download on the Company's website at
https://www.gvmh.co.uk/tag/financial-information/.
For more information contact:
Grand Vision Media Holdings plc
Jonathan Lo, Director |
gvmh.co.uk/
Tel: +44 (0) 20 7866 2145
or info@gvmh.co.uk |
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