9 May 2018 07:00
FFI Holdings PLC
("FFI" or "the Group")
FFI Holdings Provides Trading Update
London, 9 May 2018 - FFI Holdings PLC (AIM: FFI), the world leader in the provision of completion contracts to the entertainment industry and one of the largest providers of production services and equipment to film makers, is pleased to provide a trading update ahead of reporting its results for the year to 31 March 2018.
Since the announcement of its interim results on 21 December 2017, the Company has traded in line with the Board's expectations. The Company expects to report Underlying EBIT in the middle of the $15 - 18 million range.
As of 31 March 2018, our equipment rental business capacity rate is up 30% year over year.
The strategic underwriting relationship with Allianz Global Corporate & Specialty (AGCS) was executed in January 2018, whereby recently-acquired Reel Media will be delegated underwriting authority for AGCS' studio, independent film and television business in North America, as well as its U.S. loan-out corporation and touring business.
Acquisition by Reel Media of the motorsports entertainment insurance book of All Risks Ltd, one of the largest independent wholesale agents in the U.S., successfully completed in January 2018.
IMAX panda documentary released in early April 2018, playing to audiences in IMAX theatres across the US and receiving overwhelmingly positive critical reviews. IMAX has indicated it will continue to expand theatrical releases in the U.S., with global release expected later in 2018.
The Company recently acquired Signature Entertainment UK, one of the largest distributors of films in the UK by volume of films, further expanding its platform of film services.
Commenting on the Group's performance and trading update, Steven Ransohoff, CEO of FFI, said:
"The first four months of calendar 2018 have seen FFI consolidate its position as a multi-service provider across the entertainment value chain, with recent deals and partnerships demonstrating how FFI is expanding beyond its completion contracts business to include entertainment insurance intermediary business for the first time."
"I am particularly pleased to see trading in our completion contract business has provided the confidence to reaffirm the financial guidance we issued in December 2017. Looking ahead, the successful launch of our IMAX collaboration with Pandas to strong critical acclaim early in our new financial year offers us a solid foundation upon which to grow in the year ahead, which will no doubt be both exciting and eventful as we consolidate FFI's market positions further."
About FFI Holdings PLC
FFI Holdings PLC is the holding company of Film Finances Inc., the leading provider of services to the makers of film, TV, mini-series and online media content, across the whole production cycle.
FFI is the world leader in completion guarantees to the entertainment industry, which offer 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.
Since 2008, FFI has issued completion contracts to all the leading financiers involved in the entertainment industry, unlocking funding for over 1,800 productions with gross production budgets estimated to be in excess of US$19bn. These include many of the film industry's best known-titles, ranging from the first Bond movie (Dr. No, 1962) to The Hunger Games (2012) and Oscar winning films such as 12 Years a Slave (2013) and La-La Land (2016).
FFI listed on Aim in June 2017. The business continues to expand its business globally and is now present in China, where it provides a growing range of entertainment-related services including completion contracts to the domestic film making industry.
FFI is also a fast-growing global provider of non-creative ancillary services. This growth has been driven by a series of acquisitions over the past two years, including that of equipment rental and software provider Pivotal Post, post-editing machine rental business EPS Cineworks and post-production services company Buff Dubbs. FFI also acquired UK content distributor Signature in April 2018. Furthermore, the business has diversified its exposure to general entertainment risk via the acquisition of leading entertainment insurer Reel Media in December 2017, entering a strategic underwriting relationship with Allianz Global Corporate Speciality in early 2018.
FFI also invests in original entertainment content, most notably via the recent release of its latest project, Pandas, a documentary developed in partnership with IMAX.
Over successive decades FFI has grown globally to become a trusted, iconic brand at the centre of the film industry. Headquartered in Los Angeles, USA, it has 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.
ENQUIRIES:
Hawthorn Advisors (Public Relations) FFI Holdings PLC
Andrew Orchard David Sasso, Head of Investor Relations
+44 (0) 20 3745 4960 +1 310 275 7323
Victoria Ainsworth
+44 (0) 20 3745 3815
Liberum (Nominated Adviser and Corporate Broker)
Steve Pearce
Joshua Hughes
+44 (0) 3100 2000