MediaZest upbeat on new business wins

Creative digital audio visual company MediaZest updated shareholders and the market on recent business wins on Friday, saying that since the start of 2017, the group had already confirmed business wins in the retail sector alone that relate to projects that will generate approximately £0.5m of new revenue.

The AIM-traded firm said those projects included the ongoing roll out of business from existing clients and a substantial new project for a UK high street bank.

All were due for completion by 30 June.

The board said those new business wins included a large proportion of UK based work but also installations as far afield as the United States and Australia.

In addition, the group was continuing to grow its recurring revenue base, which had underpinned recent improved results.

At present, run rate recurring revenues totalled approximately £0.4m per annum, and management expected that to grow by at least 15% during the next quarter.

“More and more companies within the retail sector are looking to change the way they do business in the multichannel world in which we now live and shop, and our expertise in enabling them to do that is proving a strong draw for clients,” said CEO Geoff Robertson.

“The work we have done to develop business partnerships outside of the UK is enabling us to undertake projects on a worldwide basis.

“This represents a significant ongoing opportunity for the company, as clients increasingly look to establish a durable relationship with one supplier who can deliver solutions to all their retail stores to the very highest standards.”

Robertson said the improvement in recurring revenues and hence quality of revenue for the business had been instrumental in moving the business forward financially.

“Further progress in this area continues to be a major strategic focus.”