TIDMDCD
RNS Number : 9666D
DCD Media PLC
25 February 2020
DCD Media Plc
("DCD Media", the "Company" or the "Group")
Trading Update
DCD Media, the independent TV distribution and production group,
provides the following unaudited trading update for the
twelve-month period ended 31 December 2019 ahead of releasing
audited financial statements for the fifteen-month period to 31
March 2020 by 31 August 2020.
Financial highlights (unaudited)
-- Revenue GBP8.98m (2018: GBP7.05m)
-- Gross profit GBP1.78m (2018: GBP1.64m)
-- Operating profit/(loss) GBP0.02m (2018: (GBP0.07m))
-- Net Cash GBP1.59m (2018: GBP2.28m)
At the 31 December, the Group had an available gross overdraft
facility of GBP300k and a net facility of GBP150k.
Operational highlights
-- The fifth series of Penn & Teller: Fool Us in Vegas was
transmitted in H1 2019. The highly successful series is a
co-production between 1/17 Productions and September Films for The
CW Network in the USA.
-- DCD Rights renewed its output deal with The Open University
to distribute their prestigious factual catalogue of 160 hours of
diverse and engaging factual programming.
-- DCD Rights further extended its producer support initiative
to over 100 hours of programming since its launch. DCD secured
production funding for four additional factual series created by UK
and International independents.
-- DCD Rights announced multiple sales of its recently launched
titles On The Ropes (Screen Media Ventures/Crackle), Inspector
Rojas (Rialto Channel & SBS Australia) and The Hunting (Channel
5, Sky New Zealand, RTE Ireland, CBC Canada, IVI Russia and NPO
Netherlands). DCD also debuted its brand-new drama series' The
Secrets She Keeps, Dry Water and Find My Killer.
-- DCD Rights' popular factual titles were sold across the
globe; Secret Nazi Bases (Foxtel Australia, A&E in CEE and
Scandinavia, Prima Group in Czech Republic, Emirates Cable TV
E-Vision for the Middle East, True Visions in Thailand,
ProSiebenSat.1 for German Speaking Europe and Discovery
Communications for Spain), The Nile (SBS Australia, Viasat World
for Central and Eastern Europe, Scandinavia, Russia and CIS,
Dazzler Media in the UK & Eire, Choice TV NZ, Expressive Media
for Spain & Andorra and True Visions in Thailand).
-- A new factual slate was also announced for MIPCOM.
-- DCD's short form drama Find My Killer won at the Asian Academy Creative Awards.
-- The Hunting won 2 awards at the AACTA Awards for Best
Screenplay in Television (EP 3) and Richard Roxburgh won Best Guest
or Supporting Actor in A Television Drama.
-- The 1/17 and September Films co-production partnership
successfully continued with the summer transmission of season 5 to
strong ratings and continued network enthusiasm for the brand.
Current trading and outlook
The business has had a steady start to 2020 with a quiet first
quarter as has tended to be the case for the first quarter of the
year for the Company.
David Craven, Executive Chairman, commented: 'We are pleased
with the results for the twelve months to 31 December 2019 with the
Company delivering a steady performance, increasing revenues by 27%
and returning a small profit for the period. The business continued
to invest in new programming with continued support from its
primary funding partner.
'The Board believes that with further funding available to DCD
Media, we will create a quality company, capable of strong and
predictable cash generation, sustainable returns on capital with
attractive growth opportunities in this exciting, expanding market
place. The continued consumer demand to enjoy personalised and
tailored TV content across multiple platforms is providing
tailwinds for the industry as a whole.
'Reaching funding agreements with partners at the lowest
possible cost provides DCD Media with a competitive advantage, The
Board continues to work to provide access to competitively priced
debt in the marketplace. The outlook for the remainder of the
trading period to 31 March 2020 remains positive.'
Financial Review
Revenues for the twelve months to 31 December 2019 were
GBP8,975k (2018: GBP7,051k). Revenues across the Rights and
Distribution division of the business have increased by 27% over
the year while the remaining revenue in other group companies has
remained steady.
Direct costs have increased 33% to GBP7,200k (2018: GBP5,411k)
and gross profit by 8% to GBP1,776k (2018: GBP1,640k) as a result
of the increased revenue activity. Administrative costs have
increased 3% year-on-year as a result of general rises in rates
along with some changes in personnel costs. The business
continually reviews its cost base to look for ways to reduce this
where possible without hindering the operations of the business.
The board remains committed to ensuring the cost base is
appropriately managed, given the current scale of the business.
We continue to benefit from funding support from our existing
external finance provider and our major shareholder, Timeweave. The
funding support from both funders allows us to be competitive in
the tender process for new titles and content, while we add to our
burgeoning catalogue. We continue to work diligently in the
marketplace to help secure and diversify our funding options.
Intangible assets as at 31 December 2019 stood at GBP1,017k
(2018: GBP1,017k). There has been no movement in the balance since
2017 with carrying values fully justified through future cashflows
of the businesses.
Trade and other receivables and trade and other payables at
GBP9,637k (2018: GBP9,350k) and GBP9,388k (2018: GBP9,769k)
respectively. Debtors are up 3% on the previous year while
creditors are down 4% accordingly.
Cash on hand at the period end stood at GBP1,590k (2018:
GBP2,276k). T he majority of the Group's cash balances represent
working capital commitment in relation to programme making and cash
held in DCD Rights' client accounts and therefore is not all
considered to be free cash .
Consolidated income statement for the
twelve-month period ended 31 December
2019
(unaudited)
12 month 12 month
period ended period ended
31 December 31 December
2019 2018
GBP'000 GBP'000
---------------------------------------------- -------------- --------------
Revenue 8,975 7,051
Cost of sales (7,199) (5,392)
Impairment of programme rights - (19)
----------------------------------------------- -------------- --------------
(7,199) (5,411)
Gross profit 1,776 1,640
Administrative expenses:
- Other administrative expenses (1,759) (1,715)
- Amortisation of trade names - -
(1,759) (1,715)
Operating (loss)/profit 17 (75)
Finance costs 2 17
(Loss)/profit before taxation 19 (58)
Taxation - (13)
(Loss)/profit after taxation from continuing
operations 19 (71)
----------------------------------------------- -------------- --------------
Profit/(loss) on discontinued operations
net of tax - 35
(Loss)/profit for the financial year 19 (36)
----------------------------------------------- -------------- --------------
Consolidated statement of financial
position as at 31 December 2019
(unaudited)
As at As at
31 December 31 December
2019 2018
GBP'000 GBP'000
------------------------------------- ------------- -------------
Non-current assets
Goodwill 1,017 1,017
Property, plant and equipment 22 27
Trade and other receivables 306 279
-------------------------------------- ------------- -------------
1,345 1,323
Current assets
Trade and other receivables 9,331 9,071
Cash and cash equivalents 1,590 2,276
10,921 11,347
Total assets 12,266 12,670
Current liabilities
Trade and other payables (9,388) (9,769)
Taxation and social security - (42)
(9,388) (9,811)
Total liabilities (9,388) (9,811)
-------------------------------------- ------------- -------------
Net assets 2,878 2,859
-------------------------------------- ------------- -------------
Equity
Equity attributable to owners of
the parent
Share capital 12,272 12,272
Share premium account 51,215 51,215
Equity element of convertible loan - -
Own shares held (37) (37)
Retained earnings (60,572) (60,591)
Equity attributable to owners of
the parent 2,878 2,859
Total equity 2,878 2,859
-------------------------------------- ------------- -------------
Cash flow from operating activities including
discontinued operations
(unaudited)
12 month
period 12 month
ended period ended
31 December 31 December
2019 2018
GBP'000 GBP'000
---------------------------------------------------- ------------- --------------
Net profit/(loss) before taxation 19 (23)
Adjustments for:
Depreciation of tangible assets 25 29
Amortisation and impairment of intangible
assets - 19
Net bank and other interest charges (2) (17)
Corporation tax - (14)
Net cash flows before changes in working
capital 42 (6)
Decrease/(increase) in trade and other receivables (287) 1,650
(Decrease)/increase in trade and other payables (423) (651)
Cash from continuing operations (668) 993
Cash flow from discontinued operations
---------------------------------------------------- ------------- --------------
Net profit before taxation - 35
Adjustments for:
(Profit)/loss on discontinued operations - (35)
----------------------------------------------------- ------------- --------------
Net cash flows before changes in working
capital - -
Cash from discontinued operations - -
Cash from operations (668) 993
Interest received 2 -
Net cash flows from operating activities (666) 993
Investing activities
Purchase of property, plant and equipment (20) (21)
Net cash flows used in investing activities (20) (21)
Financing activities
Settlement of convertible loans - (19)
Net cash flows from financing activities - (19)
Net increase/(decrease) in cash (686) 953
Cash and cash equivalents at beginning of
year 2,276 1,323
Cash and cash equivalents at end of year 1,590 2,276
----------------------------------------------------- ------------- --------------
Financial expectations noted above are preliminary, and subject
to the fifteen-month period-end financial close and audit review
processes. DCD Media intends to issue its results for the
fifteen-month period to 31 March 2020, by 31 August 2020 at which
point a more detailed update will be provided.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
David Craven
Lucy Pryke
Investor Relations/ Media Relations
DCD Media plc
Tel: +44 (0)20 3869 0190
ir@dcdmedia.co.uk
Carl Holmes / Giles Rolls
finnCap
Tel: +44 (0)20 7220 0500
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
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