MediaZest reports sharp improvement in first-half results

(Sharecast News) - MediaZest reported a sharp improvement in first-half results on Tuesday, with revenue rising to £2.67m from £1.91m and pre-tax profit increasing to £754,000 from £56,000 in the six months ended 31 March. The AIM-traded audio-visual solutions provider said growth was driven by long-term project rollouts with customers including Arc'Teryx, Hyundai, KIA, Lululemon Athletica and Pets at Home, as well as several hundred digital currency board installations for First Rate Exchange Services.

EBITDA fell to £120,000 from £197,000, reflecting higher costs, investment in engineering and systems, and a higher proportion of lower-margin hardware sales.

MediaZest said it expected a strong second half and was targeting full-year revenue of more than £5m and pre-tax profit above £250,000.

"The increase in project revenues is generating profitability in the current year and also building recurring revenue streams for the future," said chief executive Geoff Robertson.

At 1057 BST, shares in MediaZest were up 10% at 0.12p.

Reporting by Josh White for Sharecast.com.

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