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MediaZest – “Significant Project Completion” ramparoonie (Oops, sorry) ‘announcement’

By Steve Moore | Monday 8 May 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

A “Significant Project Completion” announcement sees shares in MediaZest (MDZ) currently around 30% higher on the day. Oh, it’s a “Non-regulatory”, RNS Reach ramparoonie (Oops, sorry) ‘announcement’…

The ramparoonie (ah, done it again) ‘announcement’ states that “the creative digital audio visual company, is pleased to confirm it has recently completed a substantial project for Clydesdale and Yorkshire Banks. The company has provided audio-visual services for their new Studio B initiative in High Street Kensington and is one of the new business wins announced in aggregate in the company's previous update of 3 March”.

You what? The business win has already been announced? This then an ole if they aren’t as receptive as you’d hoped, announce again announcement!?

It is added that “for confidentiality reasons, MediaZest does not provide exact contract amounts” - which is a shame since results for the company’s half year ended 30th September 2016 showed revenue down more than 8% to £1.47 million and another loss (£0.07 million). This not promising when the balance sheet shows net current liabilities of £0.74 million!

The statement though reckoned “improvements in recurring revenue streams continue, and coupled with tight cost control and new business wins for the second half of the current financial year, the board is looking to deliver improved results for the full year”.

However, it was also added that “this is subject to the acquisition, timing and delivery of certain upcoming key projects” - and I previously noted how much has been promised here for years now and the risk of another discounted placing ahoy becoming necessary. I continue to consider this a bargepole stock.

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