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4 Mar 2019 07:00
FFI Holdings PLC
("FFI" or "the Group")
Trading Update
London, 4 March 2019 - FFI Holdings PLC (AIM: FFI), a world-leading provider in the provision of diversified services across the entertainment industry, provides a trading update ahead of reporting its results for the fiscal year ending 31 March 2019.
The Company's Completion Contract business has been experiencing a significantly slower second half of fiscal 2019 primarily driven by timing of closing current deals, a decrease in average production size, lack of larger production titles and reserves for possible claims, the details of which are still be worked out. Additionally, the Company's Insurance Agency business has been impacted by the delay in certain larger production titles which were originally scheduled for calendar Q1 2019. These titles are now expected to close in calendar Q2 2019. The combined impact is expected to be approximately $6 million of EBIT. While there is considerable uncertainty in the incidence and timing of a number of items, the Board of Directors expects Underlying EBIT for the fiscal year ending 2019 to be in the range of $7.5-$11.5 million.
About FFI Holdings PLC
FFI Holdings PLC is the holding company of Film Finances Inc., a leading provider of diversified services across the entertainment industry. FFI was formerly focused on completion contracts to the entertainment industry, and over successive decades, has grown globally to become a trusted, iconic brand at the centre of the film industry.
Founded in the 1950s, FFI soon established itself as the world leader in completion guarantees to the entertainment industry, offering assurance to financiers that productions will be completed on time and on budget. These guarantees serve to offload risks to production budgets and timelines for financiers, as well as for FFI through long-standing insurance relationships.
FFI listed on the AIM market in June 2017 and has diversified its business beyond completion contracts to provide services across the broader entertainment landscape. FFI is also present in China, where it provides a growing range of entertainment-related services including completion contracts to the domestic film making industry.
Headquartered in Los Angeles, USA, FFI has 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.
ENQUIRIES:
Hawthorn Advisors (Public Relations)
Victoria Ainsworth
+44 (0) 20 3745 3815
FFI Holdings PLC
David Sasso, Head of Investor Relations
+1 310 275 7323
Liberum (Nominated Adviser and Corporate Broker)
Steve Pearce
Joshua Hughes
+44 (0) 3100 2000
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