28 Jul 2011 07:00
DCD Media plc ("DCD Media" or the "Group")
Change of directorate and Trading Update
DCD Media plc, the independent TV production and distribution group, announces that John McIntosh, Finance Director of the Group, has stepped down from the board with immediate effect. Mr McIntosh will remain with the Group until an appropriate replacement has been appointed. The Group intends to make further announcements regarding new board directors in due course.
David Green, Chief Executive of DCD Media, commented:
"I would like to offer profuse thanks to John for his significant contribution as CFO/COO and then finance director over the last 5 years. I wish him the best of success in his future endeavours."
The Group also announces the following trading update:
As stated in its audited accounts for the eighteen months ended 31 December 2010, published on 30 April 2011, the Group has been focusing on cost and development initiatives, a reorganisation of its production assets and succession planning within certain of its business areas, as well as the composition of its board, in the context of a very tough environment. In its accounts the Group identified a requirement for further short-term working capital in the order of £1 million. The Group announces that it remains in discussions to secure additional funding (either in the form of debt or equity) from the Group's larger shareholders, from whom it has received indications of support. Such additional funding remains subject to, inter alia, finalisation of terms and a further update will be provided in due course.
28 July 2011
For further information please contact:
David Green, Chief Executive
DCD Media plc
Tel. 020 8563 6976
Jeremy Ellis or Chris Clarke
Evolution Securities
Tel. 020 7071 4300
About DCD Media plc
DCD Media is one of the UK's 'super-indies', a large group of production and distribution companies making and delivering high quality content for television, DVD and new media worldwide.
The group comprises four main divisions:
The group's production arm involves a number of high profile content producers active in three distinctive programming genres across the UK and US, including:
Done and Dusted, one of the world's foremost producers of live music and event programming, based in London and New York
September Films, a leading international producer of reality television, entertainment and formats, based in Los Angeles and London
DCD's factual division, which includes established factual producers Prospect Pictures and Cardiff-based Prospect Cymru; West Park Pictures and Dublin-based West Park West
Other factual companies include Scottish-based Joint Venture Matchlight, led by some of Scotland's leading programme makers
The group's distribution arm comprises a number of intellectual property companies including:
International TV distributor DCD Rights; licensing, merchandising and publishing division DCD Publishing; DVD label Digital Classics, and CD label DCD Music