TIDMATC
RNS Number : 5561H
All Things Considered Group PLC
07 April 2022
All Things Considered Group Plc
("ATC", the "Company" or the "Group")
Trading and Corporate Update and Notice of Results
All Things Considered Group Plc (AQSE: ATC), an independent
music company housing talent management, live booking,
livestreaming and talent services , is pleased to provide the
following trading update.
FY21 Trading Update
The Board is pleased to report that it anticipates results for
the full year ended 31 December 2021 to be in line with management
expectations, with the Group expecting to report total revenue and
other operating income of circa GBP9.9m representing growth of
approximately 23% from 2020 (GBP8.0m). The Group adjusted loss
before tax* and non-controlling interests ('NCI') is expected to be
GBP2.8m (2020: GBP0.4m loss before tax and NCI) primarily due to a
non-recurring loss in H1 2021 as indicated at the time of IPO. The
Group adjusted loss before tax and NCI for H2 2021 is therefore
expected to be approximately GBP0.3m, being in line with
expectations and demonstrating a solid performance during the
prevailing Covid-constrained environment.
Following the successful fundraise at the Group's IPO in
December 2021, ATC retains a healthy cash position with a cash
balance of approximately GBP4.4m at year end.
*Note: all figures are unaudited. Group (loss)/profit before tax
is on a consolidated Group basis and prior to non-controlling
interests in accordance with IFRS. Reference to 'adjusted' figures
refers to the adjustments relating to the non-recurring IPO and
related costs.
Current Trading, Corporate Update and Outlook
The trading outlook for 2022 remains positive and management
expect ATC to record continued growth in revenue going forward. The
live music industry is continuing to see a significant growth in
activity following the relaxation of Covid restrictions and
consequently ATC's live agency and management divisions are
benefitting, with promising new clients including Nation of
Language, Connie Constance and Billy Nomates joining the live
roster and The Goa Express joining the management roster. Business
indicators are increasingly strengthening; in three consecutive
weeks in January and February, three of ATC Live's clients achieved
Top 3 UK album chart status in the week of release.
The Group's livestreaming division, Driift, successfully
delivered the first of its 'Full Circle' events in January with ATC
management client 'The Smile'. This new hybrid format brought
together a live ticketed audience in a bespoke venue designed
specifically for a global livestreaming audience and demonstrated
that Driift can benefit from a diversified revenue mix, as the
Directors anticipated. The show garnered a number of '5 star'
reviews and wide audience acclaim. This new hybrid format will
generate higher margin business for Driift. Importantly, this new
format demonstrates that the Company remains at the forefront of
the evolution of the growing livestreaming sector and Driift will
focus on higher profile artists for these shows in the coming
months in preference to a higher volume of lower margin 'livestream
only' projects.
Elsewhere, the service businesses are trading in line with
management expectations and the Group is benefitting from some
industry consultancy work which is adding to the revenue mix. The
service businesses are seeing growth as the global music market
emerges from the challenges of the pandemic. The Group recently
opened an office in New York to facilitate the continued expansion
of the US management and services businesses.
The Group was pleased to welcome Rameses Villanueva to the Board
as Group CFO on 28 February to bolster the Group's management team
and provide support for the next stage of the growth strategy.
More recently the Group has secured and received a short-term
promissory note loan of $6m. The Group has invested the $6m into a
new company formed with the express intention of investing in the
music digitisation, blockchain/web3 spaces . The minority
investment is made alongside a number of other parties who together
with ATC have invested over $80m in the new venture. ATC's equity
interests in the newly formed company are subject to a pledge in
favour of the lender, as sole security against ATC's obligations
under the loan arrangement. ATC will provide further updates in
relation to the investment and the loan in the near future.
Notice of Results
The Company expects to release its full year results in May
2022.
Adam Driscoll, CEO of All Things Considered, commented:
"Following our successful listing on the AQSE market in December
2021, we are pleased that the Group is seeing the positive impact
of the retreat of Covid restrictions and the opening up of global
music markets. The capital we raised at the end of 2021 has put us
in a strong position to take advantage of new opportunities in an
industry that has been substantially challenged over the last two
years. Our investment in our livestreaming business and the growth
of that segment, alongside our other more established business
units, means that we have a great mix of assets from which to build
a substantial company. The combination of the music industry's
traditional activities moving back to full velocity, alongside a
number of developments in new technologies spurring growth of new
revenue opportunities, means that there are exciting prospects for
the Group in the coming months and years."
For more information, please contact:
ATC Group Via Alma PR
Adam Driscoll, CEO
Rameses Villanueva, CFO
Canaccord Genuity +44(0)20 7523 8000
Aquis Corporate Adviser and Broker
Adam James / Georgina McCooke / Patrick
Dolaghan
Alma PR +44(0)20 3405 0205
Financial PR
Hilary Buchanan / Susie Hudson / Lily
Soares Smith
Notes to Editors
ATC Group is a prominent independent music company offering live
rights, live agency, production, artist management and investment
and a range of other music artist services. ATC Group is the only
independently-owned company in the industry housing talent
management, live booking, livestreaming and talent services within
the same group.
The Company has an established, long-standing client base with
over 50 artists on its management roster and over 400 acts on the
live roster. One of its livestreaming offerings, Driift, has
delivered shows with Niall Horan, Andrea Bocelli, Kylie, Johnny
Marr, The Smile and others, selling over 500,000 tickets across 171
countries since being established in June 2020.
The Group's five key divisions are:
-- ATC Management: artist management;
-- ATC Live: live event booking agency for artists;
-- Livestreaming : through Driift, a global livestreaming
business and Flymachine, a livestreaming platform;
-- ATC Services;
-- Polyphonic; an artist partnerships venture
The Group is headquartered in London, with offices in Los
Angeles, New York and Copenhagen and is led by an experienced
management team who have operated across multiple music industry
sectors.
For more information see: www.atcgroupplc.com
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