Some very exciting and upbeat news from the UK’s Alternative Investment Market (AIM) today from Vision Media Group International (VMG) in a slightly later than expected trading statement (we predicted first that it would have been last week, then re-stated yesterday and finally it came today – we think they were just avoiding the news being lost in the UK bank holiday).
Vision Media sees turnaround completed in next few months
AFX UK Focus
LONDON (Thomson Financial) – Vision Media Group (International) Plc. said it expects to complete its turnaround over the next few months, adding it is already seeing the initial benefits of restructuring.
The outdoor media contractor said in a trading update its current debtor book stands at about 2 million pounds and total booked new sales revenue for shopping malls this year to date is about 1.1 million pounds.
The company said its Clear Channel convenience store six-sheet income will commence towards the end of the third quarter and contribute to its cash flows and profitability. It also expects to get additional cash from the completion of the TrainFX disposal, it added
Separately, it said it has successfully raised another 1.5 million pounds from Trafalgar Capital Specialised Investment Fund in three tranches.
It will get the first tranche of 250,000 pounds immediately, another 250,000 pounds on May 31 in the second tranche and the remaining 1 million pounds in the third tranche.
Vision Media Group said chairman Mike Cottman has also extended his personal loan facility of 350,000 pounds to the company over the past two months, adding he will do so for a further period while the fundraising process continues.
This is great news for our industry sector and should have a positive knock on effect we feel to other AIM listed stocks – especially Avanti Screen Media.