StockMarketWire.com - Multi-media content provider Immedia reported wider losses in the first of the year as revenue fell by nearly a fifth amid pandemic-led weakness in demand.

For the six months ended 30 June 2021, pre-tax losses widened to £427,730 from £244,835 year-on-year as revenue declined 18% to £1.1 million.

The continued pandemic in HY1 2021 resulted in the continued closure of client sites and delays to project work and limited new business revenue opportunities, the company said.

Looking ahead to the second half of the year, the company touted improved performance amid easing pandemic restrictions.

'Prospects for HY2 2021 are favourable, and we expect the HY2 trading environment to be significantly more positive than HY1 as COVID-19 restrictions ease,' the company said.

' We believe that, as a result of the numerous improvements in culture, structure and process, the business is well placed to capitalise on increased market demand and make a sustained return to profitability.'


Story provided by StockMarketWire.com