TIDMCLTV

RNS Number : 6633I

Cellcast plc

27 November 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

27 November 2018

Cellcast plc

("Cellcast" or the "Company")

Trading statement

The Board of Cellcast plc (AIM: CLTV) announces a trading update ahead of the end of the 2018 fiscal year.

In its interim statements for the period to 30 June 2018, announced on the 25 September 2018, the Company noted that the economic uncertainty caused by Brexit was presenting challenging trading conditions for the media and entertainment industry. The Company further noted that the Board had sought to offset these challenges by taking steps to control the cost base of the Company and attempting to improve margins, and was hopeful that the positive trading would carry on through the second half of the year.

Over the past four weeks, the Company has seen a material decline in its revenues, a corresponding drop in EBITDA performance and associated profitability. This has reversed the positive trading noted in the interim results. The trend is expected to continue in the short term. The final quarter of the year has, historically, been the Company's strongest trading period.

The Company is working to collect monies due to it from its clients in Kenya and expects to receive some of these before the year end, although the bulk of these amounts are unlikely to be received until 2019.

The Board believes that the Company has sufficient cash reserves to sustain this trading at the present time. As at 31 October 2018, the Company had approximately GBP0.7 million of cash.

The Board is taking steps to remedy the situation and actively seeking new revenue streams and further potential cost reductions.

For further information:

 
 Cellcast plc 
 Craig Gardiner, CEO                  Tel: +44 (0) 203 376 
                                       9420 
 craig@cellcast.tv                    www.cellcast.tv 
 
 Allenby Capital Limited (Nominated 
  Adviser) 
 Nick Naylor/James Reeve              Tel: +44 (0) 20 3328 
                                       5656 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

TSTEALFXALFPFFF

(END) Dow Jones Newswires

November 27, 2018 09:45 ET (14:45 GMT)

Cellcast (LSE:CLTV)
Historical Stock Chart
From Dec 2021 to Jan 2022 Click Here for more Cellcast Charts.
Cellcast (LSE:CLTV)
Historical Stock Chart
From Jan 2021 to Jan 2022 Click Here for more Cellcast Charts.