Immedia Group PLC Covid-19, Trading and Timing of 2019 Results (3691Q)
18 June 2020 - 7:13PM
UK Regulatory
TIDMIME
RNS Number : 3691Q
Immedia Group PLC
18 June 2020
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Thursday 18 June 2020
For immediate release
Immedia Group Plc
("Immedia" or "the Company" or "the Group")
Trading Statement
covering
Covid-19, Trading and Timing of 2019 Results
Immedia ( AIM: symbol: IME), a supplier of multi-media content
and digital solutions for leading brands and global businesses,
provides the following trading update.
Covid-19 and Trading
Immedia announced on 6 April that the Covid-19 outbreak and
lockdown was already having a material adverse effect on the
business given its substantial exposure to the UK retail sector,
with a number of clients including JD Sports Fashion plc, IKEA and
Subway closing all or the majority of stores. In addition, several
of the Company's other customers cancelled or deferred project work
indefinitely.
At the start of the Covid-19 crisis the Group negotiated
retainer payments with its major retail customers and implemented
plans to preserve the safety of its employees and the long-term
financial health of the business.
This week, subject to Government guidelines and social
distancing requirements, we have seen more UK retail businesses
re-open, and this will allow Immedia to rebuild contracted revenues
from its retail customers as its services are taken up again. It is
too early to predict the likely level and rate of recovery at
retail; there remains uncertainty as to how quickly normal service
will resume and the effect this will have on short-term revenue and
cash flow.
The Group has taken advantage of Government furlough measures
where it can, and as we highlighted in the last update the business
has cut costs to conserve cash. Immedia has cash reserves, and
plans in place to manage these resources, although the Directors
are considering raising extra funding from a variety of
sources.
Timing of 2019 Results
The Company has not yet released its audited accounts for the
year ended 31 December 2019. Given Immedia's high dependence on the
retail sector the Directors have concluded (in consultation with
its auditors) that it requires some further time to obtain more
clarity on the Company's position with regard to future revenues
and cash.
Therefore, with the consent of both AIM Regulation and Companies
House, the announcement of our final results and publication of the
2019 Annual Report and Accounts will be delayed beyond the normal
reporting deadline of 30 June 2020. However, the Board will publish
and file the 2019 financial statements by 30 September 2020.
Earnings Guidance 2020
At the time of the April market update there were encouraging
signs for renewed appetite for the Group's services in early months
of 2020. Due to the challenges of Covid-19 there is inherent
uncertainty about the trading outlook in the short term.
Consequently, the Company remains unable to give precise guidance
at this time on the likely 2020 outturn, although, as previously
stated it will be significantly below any previous expectations in
the market. This position will be updated with our 2019 financial
results when they are published.
Immedia will keep shareholders updated on progress with regard
to funding, financial reporting, and earnings guidance as
appropriate in due course.
For further information please contact:
Immedia Group Plc Tel: +44 (0) 1635 556200
Tim Hipperson, Non-executive Chairman
Ross Penney, Chief Executive
SPARK Advisory Partners Limited (Nomad) Tel: +44 (0) 203 368 3550
Mark Brady
Neil Baldwin
SP Angel Corporate Finance LLP (Stockbroker) Tel: +44 (0) 207 470 0470
Abigail Wayne
Tooley Street Communications (IR & Tel: +44 (0) 7785 703523
media relations)
Fiona Tooley
About Immedia Group Plc
Immedia Group Plc is a multi-media content and digital solutions
provider to global businesses delivering audio visual communication
services for brands.
Our business provides 'live' branded channels to retail
locations across the UK and Europe. Immedia's interactive audio
channels deliver targeted original content via its own
DreamStream-X platform with encrypted Dreamstream technology
deployed in each location. Each channel is supported with powerful
data analytics tools that monitor audience activity and provide
data to enable us to further enhance audience engagement.
In addition Immedia Group creates original audio production and
video content as well as 3D animation and the supply, installation
and maintenance of audio visual equipment.
Immedia clients include Shell, Subway, BP, Nationwide Building
Society, JD Sports, O2, BMW, IKEA, and FIFA.
To read more about our business, visit www.immediaplc.com or
email us on enquiries@immediaplc.com
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END
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