LONDON (ShareCast) - MediaZest, the audio visuals company, saw a pre-tax loss for the year ended in March of £653,000, due to finance costs and administrative expenses.

The company lost 0.09p per share, against 0.15p the year before.

HMV's entry into administration in January 2013 was one of the main reasons behind the red ink, as it resulted in the loss of the company's largest service and maintenance contract.

However, MediaZest's revenues rose by 59% to £2.9m, after coming away with the FIFA World Cup Trophy Tour contract with Coca-Cola, alongside large projects in education and in the corporate sector.

MediaZest chairman, Lance O'Neill, said the group has made good progress in the last year and it will keep investing in new products which he believes "are substantial markets".

Northland UK analysts said on Monday: "With the new contract adding to an already encouraging pipeline for 2014/15 the sales drive seems to be successfully addressing the challenges offset by a difficult high street backdrop. Retailers continue to recognise the need to invest in the in-store experience if they are to compete with the internet and MedisZest is well placed to assist."

Shares were down 3.33% to 0.145p on Monday.

JF

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