MediaZest (AIM: MDZ), the creative audio-visual company, is pleased to provide an update on current trading and new business wins.
Further to the announcements of 11 February and 30 March 2021, the Company continues to win additional new project work with a strong uptake across the main vertical sectors in which it operates, with many delivered across the second half of the current financial year to 30 September 2021.
The main sectors the Company specialises in are Retail, Automotive, Corporate office spaces (including Innovation centres and virtual meeting rooms) and Education.
As expected and noted in the Unaudited Interim Results to 31 March 2021, the impact of this new project work would, and has, led to a notable improvement in the Company’s performance during the second half of the financial year.
In addition to project revenues, ongoing recurring revenue contracts continue to be robust with several renewals and new contracts signed in the last 4 to 5 months (including a number of multi-year deals) with both new and existing clients, providing greater visibility with regards to ongoing revenue across the next 3 years and potentially beyond.
With the Group experiencing strong demand in all four sectors, the outlook beyond 30 September 2021 also looks encouraging. As such the Group has invested in additional sales resource, including the recruitment of a senior salesperson for the Corporate Sector. This has been an area of growth in recent years and particularly the last few months as clients and potential customers adapt their places of business with new technology solutions in order to safely accommodate the return to the office environment for their staff.
Geoff Robertson, CEO commented, “We believe a lot of the changes in the workspace environment that were taking hold before the pandemic are being accelerated and following the recent improvement in the Company’s financial performance, it is the right time to invest in further growing this side of the business. Across all sectors, the number of projects coming from established clients and the levels of renewal and growth of recurring revenue contracts are both encouraging and show the results of steadily building the business and client base in recent years.”