MediaZest PLC (LON:MDZ) shares plunged in early trading Friday after delays to three of the firm’s “substantial projects” caused a massive drop in earnings for the full year.
The AIM-listed audio-visual company reported a significant expansion in its underlying (EBITDA) loss for the year to £113,000 from £2,000 in 2017, while revenues declined 6% to £2.8mln.
Progress expected
The firm also reported that its cash in hand at the end of the period was £38,000, down from £160,000 at the end of 2017.
In its outlook for the coming year, the group said the three delayed contracts had fallen into the first half of the new financial year, and as such, it was expecting to make “substantial progress in financial performance”.
MediaZest shares were down 18.7% at 0.1p.