(Alliance News) - DCD Media PLC on Friday posted an annual earnings rise, but said that trading conditions in the broadcasting industry were challenging towards the end of the year.
DCD, an independent TV distribution and production group, changed its year-end date to March from December, meaning financial 2020 ran for 15 months.
Revenue in the 15 months to March 31 climbed 55% to GBP10.9 million from GBP7.1 million in the 12 months ended December 2018. DCD's pretax loss widened to GBP156,000 from GBP58,000.
Administrative expenses were 28% higher at GBP2.2 million from GBP1.7 million.
"Trading conditions for the latter part of the financial period, as for many businesses in the sector, could best be characterised as challenging," DCD said.
"Buying habits markedly shifted impacted with the dilution of the overall market and of the advertising markets due to the growth of the video on-demand channels. Latterly as the Covid spectre added an additional threat thus an opportunistic shorter-term market was created in which some content providers fared better than others."
DCD shares were untraded at 200.00 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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