Immedia's total comprehensive loss reduced to £0.09 million in the six months to the end of June (H1 2015: £0.14 million) on reduced revenue of £1.06 million, (H1 2015: £1.37 million).
- Further 12 month contract with BT signed in March for Reach 365, a 24/7 radio station for Openreach engineers delivered through Immedia's innovative mobile app
- Subway contract signed in April making Subway Radio available to franchisees in the UK and Republic of Ireland, France, Germany, The Netherlands, Finland and Sweden:
* highly successful initial roll-out with over 1500 stores signed up in the first 10 weeks
* Subway Radio subsequently made mandatory in UK and Ireland - New senior management appointed within the business
- Proven offering with clear focus on new business development in line with strategy.
Post the period end:
- Acquisition of AVC Immedia completed in September 2016, strengthening the Group's combined product and service offering, with new client opportunities in our target sectors
- Significant contract win announced with a major UK retailer
- Advanced discussions for new channel launches with two other major brands
Chief executive Bruno Brookes said: "We now have an impressive combination of digital services, supporting an even stronger range of multi-media audience engagement tools for clients in our primary target sectors of retail, workforce, sport and education. Following the acquisition of AVC Immedia, we are also developing an exciting new generation of services for a combined pipeline of prospects.
"Whilst the expiry of some long term contracts, such as Lloyds Bank, has affected the first half of the year, we expect revenue in the second half of the year to improve, even before the addition of AVC Immedia. As I have stated previously, enquiry levels in the existing Immedia business are strong, as they are in AVC Immedia, and the Board is confident that the outlook for the business is positive."