28 Apr 2009 07:00
UBC Media Group plc
("UBC" or "the Company")
Trading Update
UBC Media Group plc (UBC.L), the UK's specialist radio services company, has today issued the following Trading Update ahead of its Preliminary Results announcement for the year to 31 March 2009 expected to be announced on 8th June 2009. The Company expects continuing operations sales to be approximately £3.5m. Following the disposal of the Commercial division to Global Traffic Networks which completed on 2nd March 2009 the sales of the Commercial division will be treated as discontinued operations and are in the region of £9.4m. Operational losses are expected to be less than market expectations owing to trading improvements in the last quarter.
The Group's provision for exposure to all future digital costs has been adjusted in line with recent agreements, the net consequence of which is a nil profit and loss movement in the year 2008/9.
The profit on disposal of the Commercial division will be approximately £8.3m and will be shown as part of discontinued operations. As a consequence Net Profit will be considerably greater than market expectations. The Company now has a healthy cash balance of approximately £10.5m and the Board expects to update the market with the Preliminary Results announcement on its strategy for the next 12 months. The Company has started the process of a Capital Reorganisation in order to allow a distribution to shareholders to be considered.
ENDS
Enquiries:
Simon Cole, CEO, UBC Media Group plc. Tel: 020 7453 1600
Sarah Jacobs, Seymour Pierce. Tel: 020 7001 8008
Notes to Editors
About UBC Media Group
UBC is quoted on the AIM market of the London Stock Exchange. UBC is the market leader in the supply of audio content to the radio industry in the UK. The Group is the largest independent producer of radio programming for the BBC, supplies entertainment content to commercial radio and provides software and interactive services to radio stations in the United States as well as the UK. It is part of the MXR Regional Digital Radio Multiplex Consortium.
www.ubcmedia.com