(Alliance News) - TV distribution and production company DCD Media PLC on Monday posted a half-year revenue and profit rise, benefiting from adding new titles to its catalogue.
For the six months to June 30, the company had a 4.5% revenue rise to GBP3.5 million from GBP3.4 million and pretax profit grew by 45% to GBP161,000 from GBP111,000. The firm noted that it also benefited from favourable currency exchange rates during the half as most of its income is earned in dollars.
Executive Chair David Craven said: "DCD Rights continued to acquire high-quality TV content across a range of genres in the first half of the year. As the business acquired new titles in the catalogue, sales revenue generated from the increased investment has marginally improved compared to the first half of 2018."
Alongside production company 1/17 Productions, DCD's September Films subsidiary, transmitted the fifth series of Penn & Teller: Fool Us in Vegas for the US television station CW Network. The show is a "highly successful series" and features famed magician duo Penn Jillette and Raymond Teller.
The company also sold "two leading Australian drama series" The Hunting and My Life is Murder to UK broadcasters Channel 5, owned by Viacom Inc and BBC-owned UKTV, respectively.
DCD also secured an output deal with the UK's Open University to "distribute their prestigious factual catalogue of 160 hours of diverse and engaging factual programming".
Craven added: "There has been a sustained focus in recent years on the acquisition of quality drama content which has high sales value in its own right. However, it provides the catalogue with strong appeal and context with major buyers which opens a dialogue for sales on the library as a whole.
"The business continues to excel in factual programming as DCD Rights was delighted to report it had renewed its output deal with the BBC's Open University to distribute the prestigious factual catalogue of 160 hours of diverse and engaging factual programming."
Looking ahead, DCD media said its catalogue of shows "remains attractive" to its network of buyers. It also said that it is evaluating "additional third-party funding sources to help leverage more licensed content", to increase the amount of content on offer to its buyers.
Separately, the company said it will change its financial year-end date to March 31 from December 31, with immediate effect.
DCD added: "The reason for the change is to manage deal flow given the lack of availability for many contracting parties around Christmas and New Year - the end of the current fiscal year. This change will allow management to focus on obtaining the best possible deals rather than being concerned with the logistics of closing deals during the holiday season which is the case currently."
The firm will publish a "detailed trading update" for the 12 months to December 31 at the end of February 2020 before publishing a full report for the 15 months to March 31 at the end of August 2020.
Shares in DCD were untraded in London on Monday afternoon, last quoted at 100.00 pence each apiece.
By Eric Cunha; ericcunha@alliancenews.com
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