18 Jan 2016 07:00
LITEBULB GROUP LIMITED
("LiteBulb" or the "Company")
Trading and Financing Update
LiteBulb (AIM: LBB), the branded product developer, provides the following update for the year ended 31 December 2015 and the Company's financial position.
Litebulb has continued to trade in-line with the revised guidance provided in the announcement of 9 December 2015. The Company expects revenues in the region of £31 million for the year to 31 December 2015, up significantly over the prior year (2014: £21.9 million) and to report a positive adjusted EBITDA.
The Board is closely monitoring the Group's funding, particularly in light of recent trading and the requirement to repay the first tranche of convertible loan notes of £800,000 principal plus outstanding interest and redemption premia due on 20 February 2016. The Company confirms that it has this month paid its scheduled interest payments on all of its convertible loan notes and that it is pursuing both a refinancing of the whole of its convertible loan notes and financing options to repay the amount due in February. The Board remains confident that the Company will be successful in arranging a suitable financing package which is in the interests of all stakeholders and that the trading prospects for the Company remain encouraging. Further announcements will be made when appropriate.
For further information, please contact:
LiteBulb Group Limited | www.litebulbgroup.com | |
Howard Partington, Interim Chief Executive | Tel: 020 3384 7100 | |
Guy Pettigrew, Group Finance Director |
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finnCap (NOMAD & Broker) | Tel: 020 7220 0500 | |
Stuart Andrews/Adrian Hargrave/Scott Mathieson (Corporate Finance) |
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Joanna Scott (Corporate Broking) |
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Walbrook PR Limited | Tel: 020 7933 8780 or litebulb@walbrookpr.com | |
Sam Allen | Mob: 07884 664 686 | |
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over 30 countries through blue chip retailers including: Tesco, M&S, John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next, Boots, WH Smiths, Amazon, Target and Costco.
LiteBulb Creative is a creative agency with global reach, delivering compelling and agile brand extension programmes to the entertainment industry. LiteBulb Creative has designed products and campaigns for clients around the world, including Disney, Hasbro and Miramax.