25 May 2012

Immedia loses major contract

05/01/2012 Miles Nolan

In-store music provider Immedia Broadcasting (IME) has been dealt a major blow following the loss of a significant contract with Lloyds Pharmacy.

Led by former BBC radio disc jockey Bruno Brookes, the AIM listed company is sanguine on the news, saying 'naturally we are disappointed to stop broadcasting Lloydspharmacy Live after nine years.' He argues that though the termination of its agreement will hit hard, there is hope of announcing new business shortly.

When Newbury based Immedia floated in 2003 at 110p a share it raised £4.5 million, valuing it at £12.9 million - at the time the Llloyds contract spanned 1,260 Pharmacies. Following the £2.4 million acquisition of Cube it picked up new clients such as Arcadia, and the Toni and Guy hairdressers chain.

Immedia has a very low profile on the market, but in the six months to June it managed to narrow losses to £29,374 (2010: £100,324) on sales down 12 per cent to £1.5 million. Cash fell to £611,311 which is not too far away from its market value of a lowly £800,000.

Its website claims Immedia entertains more than 37 million shoppers a week, with clients spanning the retail, banking, leisure and hospitality sectors. Using over 14 million music tracks it aims to target audiences to 'amplify a brand's personality' thereby boosting sales in-store. With Brookes admitting at the interim stage that adding new business is difficult, the loss of Lloyds is likely to hit hard. Even at 5.5p, the shares are best avoided.

Tags: AIM market, Avoid, Bruno Brookes, Lloyds Pharmacies, Penny share

Sector: Media

Companies: Immedia

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