13 Nov 2015 07:00
DCD Media Plc
("DCD Media", the "Company" or the "Group")
DCD Media Trading Update
DCD Media, the independent TV distribution and production company, provides an update on current trading pursuant to the interim results published on 30th September 2015.
The overall trading performance for the full year remains on course, however challenging trading conditions are effecting commissions and are likely to impact earnings in 2016 in the production division.
Following two successive commissions for the primetime comedy game show Celebrity Squares, DCD Media has been informed by ITV that a third series will not be commissioned for 2016. While the show may be re-commissioned in the future; the loss of the revenue will impact performance for the Group in 2016. The Board stresses however that the Group is encouraged by its strong pipeline of opportunities in the production division.
As previously announced, certain directors' and accounting services are provided by the Company's parent, Timeweave Ltd (Timeweave) and recharged to DCD Media in line with previous years and this amounts to a total of £423,000. In addition, an amount of £152,000 of recovered VAT is owed to Timeweave. While the directors have carefully managed cash flow over the year, it is likely that the amounts due to Timeweave will need to be settled by DCD Media by issuing further convertible loan notes to Timeweave, as occurred in 2014.
For further information please contact:
Angelica Tziotis
Investor Relations/ Media Relations
DCD Media plc
Tel: +44 (0)20 8563 9393
ir@dcdmedia.co.uk
finnCap
Stuart Andrews or Carl Holmes
+44(0)020 7220 0500