7digital Group PLC AGM Statement (3568J)
June 28 2017 - 1:01AM
UK Regulatory
TIDM7DIG
RNS Number : 3568J
7digital Group PLC
28 June 2017
7digital Group plc
("7digital" or "the Company")
AGM Statement
7digital (AIM:7DIG), the global leader in B2B end-to-end digital
music solutions, today holds its 2017 Annual General Meeting.
Don Cruickshank, Chairman, will invite the management team to
make a presentation on the benefits of the recent acquisition of
24-7 Entertainment ("24-7") from MediaMarktSaturn ("MMS") (the
"Acquisition") and the plans to integrate the 24-7 business, based
in Copenhagen, into the 7digital technology platform. The
presentation will be made available on the Company's website
(http://about.7digital.com) later today.
The Chairman will also make the following statement:
As announced on June 20, the Company estimates that the
Acquisition will increase 7digital licensing revenue in 2017 by
approximately GBP5m and more than GBP8m in 2018.
The Company believes that by increasing the investment in its
core platform in 2017, it can accelerate the integration of the two
businesses. This will allow for quicker cost reductions and higher
profitability in 2018. The Board now expects 2017 to result in a
combined loss before interest, tax, depreciation and amortisation
of approximately GBP1.5m, much reduced when compared to that of
2016.
In 2018 profits are anticipated to increase significantly to an
estimated EBITDA of GBP3.4m compared with previously anticipated
GBP1.9m.
The Board is confident that 2018 will be a year of profitability
and positive operating cash flow as the full benefits of the
Acquisition are realised.
Enquiries
7digital Group 020 7099 7777
Simon Cole, Chief Executive
Matt Honey, Chief Financial Officer
Holly Ashmore, PR Manager
finnCap (nominated adviser and
broker) 020 7220 0500
Geoff Nash / Carl Holmes / Simon
Hicks - Corporate Finance
Mia Gardner - Corporate Broking
Weber Shandwick (financial PR
agency)
Nick Oborne - NOborne@webershandwick.com
Tom Jenkins - TJenkins@ webershandwick.com
About 7digital (http://about.7digital.com) 020 7067 0000
7digital is the global leader in end-to-end digital music
solutions. The core of its business is the provision of robust and
scalable technical infrastructure and extensive global music rights
used to create music streaming and radio services for a diverse
range of customers - including consumer brands, mobile carriers,
broadcasters, automotive systems, record labels and retailers.
7digital also offers radio production and music curation services,
editorial strategy and content management expertise.
7digital fosters industry growth and innovation by simplifying
access to music for clients such as Onkyo, Global Radio and
musical.ly. From years of being the largest independent producer of
programming for the BBC, launching Radioplayer in multiple
territories, and powering services for partners like HMV, Electric
Jukebox and Panasonic, 7digital is perfectly positioned to lead
innovation at the intersection of digital music and next-generation
radio services.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMUBVARBNANUUR
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June 28, 2017 02:01 ET (06:01 GMT)
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