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The interims to March 2025 appear to be a value inflection point as revenue increased 64% to £1.9m and with unchanged gross margins of 59%. A positive EBIDTA of £197k was reported compared to a £28k loss with a PBT of £53k against a £141k loss. The positive trend is expected to continue in the second half to report year-on-year growth and the first profits since 2022. Keith Edelman was appointed Chairman in June 2025 and has deep knowledge of the retail sector and the public markets. Mr Edelman has FTSE100-level experience in finance, M&A, governance, and large-scale project delivery from his time at Arsenal FC, Ladbroke Group, and other Board positions. His decision to join MDZ can be seen as a strong validation of MediaZest's growth strategy. The second half of the current year to September 2025 has started well with a series of new orders from a wide range of existing customers and new clients are in the pipeline. New business wins include installations in the Netherlands, Italy, and Sweden, to be delivered in H2 FY25, and the pipeline of potential new project work in Europe continues to expand. In July 2025, a significant new contract was signed with First Rate Exchange Services Ltd to provide digital currency board installations for First Rate’s clients. This will include deployments across approximately 1,200 locations in the UK, with most delivered in the next 24 months. There are strong long-term demand factors for audio-visual technology in MediaZest’s four core sectors of retail, automotive, corporate offices and finance which has continued despite global uncertainty. This should generate further growth organically and profitability for the FY to September 2025. We imagine the strengthened Board will be seeking appropriate “buy and build” acquisitions to accelerate growth. Hybridan Comment: The Interims could be the turning point after years of financial frailty. Growth prospects are supported by three pillars; a verified financial turnaround, a significant upgrade in leadership, and undeniable commercial momentum with world-class clients. The business is executing a clear strategic shift towards more predictable, recurring revenues. Our base case valuation suggests an EV/ Sales multiple of 0.45x and 5% H2 revenue growth for FY 2025 of £4.0m. If profitable in 2025, and a small acquisition is made, this de-risking and scaling of the business could justify an EV/Sales multiple of 0.6x-0.8x on a higher revenue base, pointing to a potential valuation several multiples above the current level.
MediaZest Plc
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Hybridan Chefs research@hybridan.com Banquet Buffet*** Beeks Financial Cloud Group 172p £113.4m (BKS.L) A cloud computing and connectivity provider for financial markets, announces a further customer win. Beeks has achieved preferred cloud computing and connectivity vendor status for one of the largest banking groups. The onboarding process is underway and revenue from the win, which has the ability for further expansion, is expected to commence in H1 FY25, with an aggregate value of approximately £5m over five years, supporting recently upgraded Board expectations. Bezant Resources 0.025p £2.8m (BZT.L) The copper-gold exploration and development company, confirms that it has by an agreement dated 4 March 2024 agreed with Sanderson Capital Partners, a long-term shareholder in the Company to extend the repayment date for the £700k drawn down under the unsecured convertible loan funding facility is now repayable by 31 July 2025 and convertible by the Lender at the fixed price of 0.06 pence per share (New Conversion Price). No further amounts can be drawn down under the Facility. The Company has an option to convert all or part of the £700k drawdown if the Company's share price exceeds 0.14 pence for 10 or more business days. Blackbird 5.9p £21.7m (BIRD.L) The technology licensor, developer and seller of cloud-native video editing platform, announces its audited full year results for the year ended 31 December 2023. Revenues of £1,937k, down 32% year-on-year owing to no development fees on technology licensing in 2023. Contracted but unrecognised revenue of £1,770k down 48% (as at 31 December 2022: £3,426k). Net loss for the year was £2,493k compared to a net loss of £1,917k in 2022. At 31 December 2023, the Company had cash and short-term deposits of £6,468k (2022: £10,099k) and no debt. Contracted but unrecognised revenue of £1,514k at end of February 2024. Of this, £913k is to be recognised in 2024, a further £311k in 2025, with the remainder in 2026. Crossword Cybersecurity* 4.5p £4.2m (CCS.L) The cybersecurity solutions company focused on cyber strategy and risk, today announces that it has entered into agreements for five year, unsecured, convertible loans to the value of £275k, including certain directors of the Company. Following the issue of these loan notes, the Company has fully utilised the £2.5m additional debt capacity authorised at the general meeting held on 27 July 2023. The Company intends to use the £275k funding to provide additional working capital as the Company focuses on achieving EBITDA and cash breakeven in the second half of 2024. Firering Strategic Minerals 3.8p £3.9m (FRG.L) An exploration company focusing on critical minerals, announces that it has completed its 3,000m Reverse Circulation (RC) drilling campaign at Atex, its flagship lithium project in Côte d'Ivoire. A total of 23 holes were drilled for a total of 3,753m of drilling, giving an average hole depth of 163.2m. All RC holes were logged and sampled at 1m intervals. All fresh pegmatite samples were sent to Intertek Laboratories in Côte d'Ivoire for sample preparation, after which the prepared samples were sent to Intertek Laboratories in Australia for assaying. Assay results are expected in the coming weeks. Harland & Wolff Group Holdings 11p £19.0m (HARL.L) The company focused on strategic infrastructure projects and physical asset lifecycle management, announces that it has been awarded preferred bidder status for the Falkland Islands Port Replacement Project (FIPASS) by the Falkland Islands Government. The Directors believe that this project could generate total revenues between £100m - £120m over a two-year period, with works on the project expected to commence this year. The Company intends to spread the work across its multiple facilities in order to provide optionality and de-risk the fabrication of these pontoons. Kibo Energy* 0.038p £1.6m (KIBO.L) The renewable energy focused development company, announces the issue of 81,081,081 ordinary shares at an issue price of 0.037 pence per share to a service provider in payment of outstandings invoices for a total value of £30k. The issue price is the 10-day VWAP of the Kibo share on AIM on 1 March 2024. LungLife AI 36.5p £9.3m (LLAI.L) A developer of clinical diagnostic solutions for the early detection of lung cancer, announces that it has conditionally raised approximately £1.8m (approximately US$2.3m) through the conditional issue of new shares of common stock of the Company at a price of 35 pence per New Share (Issue Price). The Issue Price represents a discount of approximately 15.7 per cent to the closing price of 41.5 pence per Common Share on 4 March 2024. The net proceeds of the Fundraising, along with the Company's existing cash resources, are expected to be utilised to establish the commercial proof of concept of the Company's LungLB® test. MediaZest* 0.065p £1.1m (MDZ.L) The creative audio-visual solutions provider, announces its consolidated audited results for the year ended 30 September 2023 (FY23). Revenue for the year fell 17% to £2.3m (2022: £2.8m), loss after tax was £553k (2022: Profit After Tax of £12k and the Company has cash in hand at 30 September 2023 was £40k (2022: £45k). The Company further announced it had completed an equity fundraising of £120k (gross) as announced on 8 January 2024. The resumption of key client projects at the end of the year, a notable increase in incoming opportunities post year end, and an increasing contribution from recurring revenues. The Company further announces that the 2024 Annual General Meeting (AGM) will be held at Unit 9, Woking Business Park, Albert Drive, Woking, GU21 5JY on Thursday 28 March 2024 at 11:00 a.m. The Notice of AGM and the Report and Financial Statements for the year ended 30 September 2023 will be posted to shareholders today and are available on the Company's website: www.mediazest.com. Tern 1.85p £7.6m (TERN.L) The investment company specialising in supporting high growth, early-stage, Internet of Things (IoT) technology businesses, announces that InVMA Limited, which trades as KonektioTM (Konektio) has been placed into administration. 75% of Tern's holding in Konektio was transferred into a valueless class of Konektio deferred shares, as announced on 29 November 2023. Tern therefore currently holds approximately 8.8% of Konektio's equity and this holding had an unaudited book valuation of £222.6k as at 31 December 2023. Tern Directors believe that it is unlikely that any value will be realisable from Tern's holding in Konektio and Tern's holding in Konektio will therefore now be held at zero value.
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The creative audio-visual Company has reported HY Sep 19 results. Whilst the results were impacted by difficult business conditions in the period, and a previously announced delay to a large project with a UK University, customer activity bounced back in October and November 2019. As such H1 revenue was down 48% to £943k, but the Group reports that revenue for October and November 2019 was £709k and up 41% on the same period last year. Similarly net losses for H1 were £228k vs a restated profit of £207k, but October and November saw a net profit of £44k.
The creative audio-visual Company recently reported FY March 2019 results posting a 17% revenue increase to £3.3m and Group EBITDA of £129k (vs a £113k loss) and PBT of £6k vs a loss of £113k. This was against our recently trimmed expectations of £3.15m revenue, EBITDA of £40k and a PBT loss of £50k. Nonetheless H2 trading was more difficult than Mediazest’s strong first half, due, in part, to the deterioration in macroeconomic trading conditions that has been evident since November 2018 and then latterly, an overall slowdown in the sector as a whole. It should be noted that the results include the beneficial profit impact of £117k resulting from the adoption of IFRS15. The impact of this is additional revenue of £317,000 and costs of £200,000 which are consequentially recognised in profit or loss for the year ended 31 March 2019.
The creative audio-visual company recently updated on current trading as the March 2019 year end approaches. The excellent momentum seen in the first half of the year with 36% revenue growth and a small net profit has not repeated in the second half. Delayed projects and investment decisions, particularly by clients in the retail sector has resulted in the Company expecting trading results in H2 to be lower than the first half of the year. As a result, MediaZest is now expecting to be profitable at Group level EBITDA and to make a small loss after tax.
Given the current sentiment towards UK consumer stocks one might expect that those servicing this sector, such as MediaZest the creative awardwinning, audio visual solutions provider, might be suffering too. Not so according to the recently released HYSep18 results which saw a 36% increase in revenues to £1.82m and a swing from an EBITDA loss of £87k to profit of £156k. MediaZest may be small but its expertise in creating consumer experiences through the use of audio-visual technology has earnt it some impressive customers and opened up some major opportunities in industries where it is carving out a niche in deploying digital signage.
Wentworth Resources— oil and gas exploration and production company, with assets in the onshore Rovuma Basin of East Africa. Introduction only. Mkt Cap c £50m . Due today Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). Total fundraising £22.25m.. Mkt cap - c. £67.5- £71.0m. Due 6 Nov. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Path Investments— First acquisition of a 50%. participating interest in the producing Alfeld-Elze II gas field in Germany. Seeking £10m raise. Transaction aborted. Was RTO. PATH to seek lifting of suspension. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
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Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa Breakfast Buffet
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Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa
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Pelatro— The precision marketing software specialist. Due 19 Dec. Raising £3.8m new money plus £0.6m vendor sale. 62.5p. Mkt cap £15.2m. HYJun17 revenues increased to US$1.55m from US$0.2m and profit before tax increased to £1.0m from a small loss in the comparable period. Fusion Antibodies— Sch1 from the Belfast based contract research organisation providing services to biopharmaceutical and diagnostics companies that are involved in the development of antibodies for both therapeutic drug and diagnostic applications. Offer to raise £5.5m for the Company and £1.075m for selling shareholders at 82p with market cap of £18.1m. Due 18 Dec Erris Resources PLC—a mineral exploration and development company currently focused on two geographic areas. Offer TBC, expected 21 December 2017 CIP Merchant Capital—Closed ended investment Company. Sector focus oil & gas, healthcare, pharma, and real estate. Offer TBA. Due 21 Dec Panthera Resources— The Company was established to act as a holding company for Indo Gold Limited, an unlisted Australian registered company. The Company aims to explore and develop gold assets in India and West Africa. Offer TBC, expected 20 Dec Sumo Group—one of the UK's largest independent developers of AAA-rated video games providing both turnkey and codevelopment solutions, including initial concept and pre-production. Offer TBC. Due late Dec Pelatro—provider of proprietary software solutions to enterprise-level customers for various aspects of precision marketing for use in B2C applications. Offer TBC, expected 19 December 2017 Fusion Antibodies—contract research organisation providing services to biopharmaceutical and diagnostics companies that are involved in the development of antibodies for both therapeutic drug and diagnostic applications. Raising £5.5m at 82p plus £1.075mn vendor sale. £mkt cap £18.1m Due 18 Dec. Sirius Petroleum—RTO. Becoming an operating company in the Ororo Field in Nigeria. Raising £7.2m/ Mkt Cap £35.6m. Due 19 Dec. Bushveld Minerals—RTO of Bushveld Vametco and therefore 78.8% of Strategic Minerals Corporation, the intermediate holding company that owns a 75 per cent. interest in the Vametco Vanadium Mine. Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec. Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising. 2016 rev £0.7m and £7.3m operating loss. Offer TBA. Expected 19 Dec. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
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appScatter Group—Sch1 from the B2BSaaS platform that allows its paying users to distribute their apps to, and manage their apps on, multiple app stores. Following admission, appScatter intends to launch the public version of the platform, at which point the platform will be available to all app developers and publishers worldwide. Raising £9m at 65p. Mkt Cap £41.1m. Due 5 Sep. | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Raising up to £150m. | Destiny Pharma—A clinical stage biotechnology company - lead asset (XF-73) targets antibiotic-resistant bacterial infections in hospitals. Offer TBA. Due early September. | Avingtrans (AVG.L) Sch1 on its Reverse Takeover of Hayward Tyler (HAYT). Combined market cap of c.£75m. Expected 01 September 2017 | OnTheMarket—Intention to float on AIM to raise c. £50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.| Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Offer raising £200m at 100p. The Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to 1 August 2017. The Company may bring forward this closing date at any time. Admission 15 September 2017 |
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Ultimate Products—The Telegraph reports Jim McCarthy, former chief of Poundland has been appointed Chairman of Ultimate Products ahead of a £100m listing in H1 2017. Ultimate Products owns the Beldray cleaning brand and the licence to sell Russell Hobbs and Salter electrical products in the UK. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
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MediaZest* (MDZ.L) | Minera IRL (MIRL.L) | GAN (GAN . L) | IronRidge Resources (IRR.L) | Palace Capital (PCA.L) | Applied Graphene Materials (AGM.L) | Rotala (ROL.L) | Epwin Group (EPWN.L) | Bango (BGO.L) | Hummingbird Resources (HUM.L)
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MediaZest (MDZ.L) – CORPORATE*: SHARE ISSUE RAISES £250,000
MediaZest, the creative audio-visual company has today provided a trading update suggesting a busy and productive end to the year, having secured material additional contracts and completed several significant projects since the last update
MediaZest has developed a strong name and enviable client list particularly in the retail space. Its core business is the design and deployment of bespoke consumer facing audio visual displays for customers which include Adidas and Hyundai. Its award winning displays are leading to increasing levels of repeat business and the business model is adapting in order to create a larger recurring revenue base. The recent interims were encouraging showing the company break through the EBITDA break even barrier. We outline some investment highlights below.
MediaZest (MDZ.L) – CORP: Interims | Goals Soccer Centres plc (GOAL.L): Trading update
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Motif Bio plc (MTFB.L) – BUY*: Further pre-clinical evidence for iclaprim | MediaZest (MDZ.L) – CORP: Finals | Connemara Mining Company (CON.L) – CORP: Inishowen update
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MediaZest (MDZ.L) – CORP: New Business Wins | Ariana Resources (AAU.L): Red Rabbit Project update
MediaZest Plc Ariana Resources PLC
