(Sharecast News) - Independent TV distribution and production group DCD Media said on Friday that operating losses had widened in the 15 months ended 31 March as a result of impacts stemming from the Covid-19 pandemic.
DCD Media posted an operating loss of £150,000 for the period, compared to a £70,000 loss in the previous year, despite having seen revenues climb to £10.9m from £7.0m.
The group did report adjusted underlying earnings of £400,000, an improvement on the underlying loss of £30,000 posted in the prior year.
While the AIM-listed group highlighted that it had successfully maintained relationships with a number of independent producers and locked in commitments on live productions, the firm also wanted that if the effects of the coronavirus outbreak worsened in the short-term, it would then have "a serious impact" on the business in the coming financial year.
Chairman David Craven said: "We can say that various sales negotiations for 2020 look promising, but obtaining commitment remains an ongoing challenge for the sales team.
"In spite of extraordinarily challenging market conditions brought about by the global pandemic, the directors believe the resilience of the experienced team in DCD rights, together with a continued investment into new programming gives us a sense of optimism as we continue to forge ahead in the global TV markets."
As of 1105 BST, DCD shares were down 9.09% at 200.0p.
24 Jun 2022 11:23
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