MediaZest PLC (LON:MDZ) shares surged in early trading Monday after it swung to a profit in the first half, buoyed by growth in margin and revenue.
The media agency reported a pre-tax profit for the period of £90,000, up from a £149,000 loss a year ago, while revenues climbed to £1.8mln from £1.3mln.
READ: MediaZest shares boosted as it swings to profit in first quarter amid revenue surge
The firm’s gross margins also grew during the period to 51% from 48%.
MediaZest also said it had received £47,000 in cash from a major client in payment of overdue invoices, with another payment of £53,000 due in early November.
In its outlook, company chairman Lance O’Neill said the group was having “considerable success” with overseas deployments, primarily in Europe, with clients such as HP, Ted Baker (LON:TED), Nokia, Lululemon, and Opel all engaging its services and representing 30% of gross profits.
O’Neill said the firm would continue to target these opportunities, particularly given the pressure on the UK retail market which could result in delays to retail investments.
Shares were up 22.2% at 0.1p.