Grand Vision Media Holdings plc - Final Results
PR Newswire
London, June 30
London, 30 June 2022
FOR IMMEDIATE RELEASE
Grand Vision Media Holdings plc
( "GVMH" or the "Company")
Audited Final Results
Grand Vision Media Holdings plc announces its audited final results for the year ended 31 December 2021.
The CEO Report
Covid continues to have a significant adverse impact on the Group's performance for the year. OOH revenues were severely impacted by the closure of cinemas across China, and the closure of businesses in Hong Kong, together with the travel restrictions, adversely affected digital marketing revenues. Hong Kong and Shanghai both had their worst pandemic outbreak in the first half of 2022. There was a high degree of uncertainty throughout that period, with a resulting loss in overall business confidence. However, we do believe that the second half of the year will see improvements as the pandemic in the Greater China area is brought under control.
Summary of Trading Results
Total revenue for the year was HK$3,039K [2020: HK$5,827K], a decline of 48% compared to the prior year. This was as a direct result of the COVID restrictions and cinema closures in the region. Although the Group has been working on a number of initiatives to bolster revenues, the impact of the majority of these is only expected to come to fruition in Q3/2022 onwards.
The total comprehensive loss for the year was HK$6,184K [2020: HK$10,050K]. This was as a direct result of the reduction is revenues across the Group. The Group continued its cost savings through space consolidation and headcount reductions, and has taken advantage of Government fiscal support aimed at helping businesses through the pandemic.
The Group has 180 panels [2020: 180] in cinemas across China, and is evaluating other technologies to promote OOH advertising in the cinema space as well as other locations.
Cash in hand at the end of the year was HK$172K. The Group continues to manage its cash within its available resources.
Outlook
COVID-19 continues to have a significant adverse effect on the Group's performance in 2021. Much of Asia was under very strict lock down rules and international travel has been practically suspended. The lock down in Shanghai in early 2022 gave us further challenges for the first quarter of the current financial year. Cinemas in China are still operating at reduced capacity.
We continue to identify new opportunities and have begun some projects in relation to the brokering of commodities. We are also beginning to work on some projects assisting consumer brands to expand geographically.
However, we are hopeful for the resumption of cross border travel beginning in Q3 of the year and we expect a slow but steady return to normalcy in travel and trading for the remainder of the year.
These will shortly be available (along with the Company's 2021 Annual Report) to download on the Company's website at https://www.gvmh.co.uk/tag/financial-information/.
For more information contact:
| Grand Vision Media Holdings plc Jonathan Lo, Director | gvmh.co.uk/ Tel: +44 (0) 20 7866 2145 or info@gvmh.co.uk |
