(Alliance News) - Shares in MediaZest PLC shot up on Monday, after the company reported strong trading in the first half of its financial year and boasted of several new contract wins.

Shares in MediaZest were up 82% at 0.11 pence each in London on Monday. The stock has more than doubled from 0.05 pence in May 2023.

The Woking, England-based audio-visual technology company said its performance in the six months to March 31 was positive, and that this "strong trading momentum" has been carried into the second half of financial 2024.

As a result, MediaZest expects to report a return to pretax profit and positive earnings before interest, tax, depreciation and amortisation for its first half compared to a year prior.

In the first half of financial 2023, MediaZest had GBP1.1 million in revenue, a pretax loss of GBP260,000, and an Ebitda loss of GBP148,000. It had swung to the losses from small profits a year before, due to lower revenue.

MediaZest said the second half of financial 2024 has started well, touting a series of new orders from existing clients, including lululemon athletica Inc and Pets At Home Group PLC.

MediaZest said: "The company continues to see a notable increase in demand for audio-visual technology, in the retail, automotive and corporate office space environments in which MediaZest works."

The orders won in the second half so far represent total additional revenue of over GBP350,000, MediaZest said, and will also attract further revenue linked to contract support and maintenance.

Chief Executive Officer Geoff Robertson said: "In addition to the new business wins already achieved this year, we are currently in final negotiations on a number of projects which, if successful, will lead to significant contract confirmations before the year end. We continue to grow recurring revenue streams and add new clients to our roster, and remain positive about the group's future potential."

MediaZest expects to publish its complete interim results in the last week of June.

By Hugh Cameron, Alliance News reporter

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