News blog
Imagesound
- BY: Andrew Hore |
- POSTED: 11/12/2007 |
Things haven’t gone totally to plan for in-store music provider Imagesound but it should still be on course to make profits of £1.4m this year.
The roll-out of its service for the Marriott and Rezidor hotel chains hasn’t been as rapid as hoped because of logistical problems. This has delayed the release of deferred income. The 175 hotel roll-out should be completed by the end of 2007.
Imagesound also lost two leisure contracts during the fourth quarter but management says that EBITDA will be in line with expectations. Retailers Phase 8 and Poundland both renewed contracts.
The company completed the installation of a system including 25 screens for JJB in the Trafford Centre. It has been awarded the contract for another store. It has also won an audio contract from crystal products retailer Swarowski, which has 45 stores. There are other potential orders in the UK and internationally.
Of course, some new business is required to replace the lost contracts.
At 12.25p, the shares are trading on just over seven times prospective earnings for 2007. The 2007 figures will be released on 3 March.
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