Immedia Group Plc – Final Results

Immedia Group Plc – Final Results

“2018 has started very positively for the Group with the recent announcement of a substantial installation rollout in branches of a major UK financial institution.  This is just one of numerous new business opportunities currently in play.  The Group is making good progress in driving forward a strategy of extending Immedia’s services portfolio by assisting major brands and retailers to leverage owned digital channels provided by Immedia to connect, engage and convert customers.”

Final Results for the year ended 31 December 2017

Immedia Group Plc (AIM: IME) today announces its final results for the year ended 31 December 2017. 

2017 Highlights

  • A year of reset for the Group that has enabled us to move forward with confidence into 2018 and beyond
  • 36% increase in revenue however, EBITDA reduced due to delays in expected new business coming through until after the year end, one-off costs and working capital requirements related to our AVC business
  • Costs have been optimised to the size of the business, with c.£250k of annual cost removed
  • The Group remains virtually debt free and is now cash generative
  • Having launched in late 2017 our new engagement platform DreamStream X,  interest levels in Immedia’s products and services are exceptionally high and point to a much-improved financial performance in 2018 compared to the disappointing results in 2017

  2017 Financial Summary

12 months ended

31 December

2017

12 months ended

31 December

2016

Revenue

£3,548,689

£2,610,121

(Loss) before interest, taxation, depreciation, amortisation and impairment charges (EBITDA)

 

£(512,847)

 

£(83,025)

(Loss) before tax

£(693,268)

£(184,372)

Net fair value profit/(loss) on available for sale assets

£7,800

£(90,000)

Total comprehensive (loss) for the year

£(663,768)

£(279,065)

Basic (loss) per share

(4.89)p

(1.38)p

Diluted (loss) per share

(4.89)p

(1.38)p

Basic pre-tax (loss) per share

(5.05)p

(1.34)p

Year-end balance of cash and cash equivalents

£53,743

£125,886

Net funds

£46,687

£115,103

Bruno Brookes, Chief Executive of Immedia, said:  “2017 was a very challenging year that, somewhat paradoxically, leaves us well placed and optimistic as 2018 progresses.

As indicated in the interim report published in September 2017, the first half of last year was more difficult than expected, and regrettably the second half of the year continued in the same vein.   The Group was frustrated primarily by delays outside its control in expected new business coming on stream and lower than anticipated revenues from our AVC division.  Whilst producing incredible work that we are rightly proud of, we have had to deal with continued adverse conditions in the local Aberdeen economy. However, we are now seeing significant improvement in trading and expect this to continue in the current year.

Finally, I am pleased to report that, at Group level, 2018 will see a considerable improvement in financial performance as long awaited new business opportunities materialise, with new momentum across the business and measures taken in 2017 to enable improved cost management.”

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