Portfolio

Immedia swings to profit amid 'substantial improvement' in revenue

By Duncan Ferris

Date: Tuesday 21 May 2019

Immedia swings to profit amid 'substantial improvement' in revenue

(Sharecast News) - Immedia Group reported on Tuesday that it swung to a profit in 2018 as revenue jumped on the back of "landmark work" by the company for high profile clients including FIFA, Weir Oil and Gas, Maersk and Halliburton.
In a pre-close update, the multi-media content and digital solutions provider stated that it achieved a profit before tax of £0.1m for the year, compared to a loss of £0.7m in 2017, as revenue jumped 32% to £4.7m after Immedia engaged in projects for the previously mentioned companies and launched the innovative JD-X app project for JD Sports Fashion.

The year also saw the expansion of the reach of Immedia's multimedia content to smart devices and audio platforms such as Amazon Alexa, Google Home, Apple Podcasts, Overcast and iHeart.

The AIM traded company swung from an earnings loss of £0.5m to a profit of £0.3m and had cash and cash equivalents of £0.4m at the end of the year, up from £0.05m at the same point 12 months beforehand.

Tim Hipperson, chairman of Immedia, said: "2018 delivered a substantial improvement in performance over the prior year in terms of revenue and profitability. Our unique mix of brand engagement and creative skills is underpinning our ability to secure new and exciting business. 2019 business activity is performing in line with our expectations while we are also witnessing a pipeline of new and exciting opportunities with several key potential clients across our target verticals."

With a number of the company's more traditional historic contracts reaching their end of life, Immedia is now focusing more on its newer innovative business partnerships that have been developed over the last couple of years.

Immedia Group's shares were up 15.31% at 28.25p at 1057 BST.

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