DCD Media PLC Trading Update (5901F)
November 13 2015 - 1:00AM
UK Regulatory
TIDMDCD
RNS Number : 5901F
DCD Media PLC
13 November 2015
DCD Media Plc
("DCD Media", the "Company" or the "Group")
DCD Media Trading Update
DCD Media, the independent TV distribution and production
company, provides an update on current trading pursuant to the
interim results published on 30(th) September 2015.
The overall trading performance for the full year remains on
course, however challenging trading conditions are effecting
commissions and are likely to impact earnings in 2016 in the
production division.
Following two successive commissions for the primetime comedy
game show Celebrity Squares, DCD Media has been informed by ITV
that a third series will not be commissioned for 2016. While the
show may be re-commissioned in the future; the loss of the revenue
will impact performance for the Group in 2016. The Board stresses
however that the Group is encouraged by its strong pipeline of
opportunities in the production division.
As previously announced, certain directors' and accounting
services are provided by the Company's parent, Timeweave Ltd
(Timeweave) and recharged to DCD Media in line with previous years
and this amounts to a total of GBP423,000. In addition, an amount
of GBP152,000 of recovered VAT is owed to Timeweave. While the
directors have carefully managed cash flow over the year, it is
likely that the amounts due to Timeweave will need to be settled by
DCD Media by issuing further convertible loan notes to Timeweave,
as occurred in 2014.
For further information please contact:
Angelica Tziotis
Investor Relations/ Media Relations
DCD Media plc
Tel: +44 (0)20 8563 9393
ir@dcdmedia.co.uk
finnCap
Stuart Andrews or Carl Holmes
+44(0)020 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
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