TIDMDCD
RNS Number : 7354J
DCD Media PLC
24 December 2020
DCD Media Plc
("DCD Media", the "Company" or the "Group")
Unaudited Interim Results for the Six Months Ended 30 September
2020
DCD Media, the independent TV distribution and production group,
is pleased to report unaudited interim results for the six months
ended 30 September 2020.
Financial highlights
GBP5,790k (2019: GBP3,548k)
* Revenue
GBP1,051k (2019: GBP1,043k)
* Gross profit
GBP244k (2019: GBP166k)
* Operating profit
GBP240k (2019: GBP161k)
* Unadjusted profit before tax
GBP324k (2019: GBP252k)
* Adjusted EBITDA
GBP240k (2019: GBP161k)
* Adjusted profit before tax
GBP2,762k (31 March 2020: GBP2,735k)
* Cash & cash equivalents
* Adjusted basic earnings per share 8p (2019: 6p)
Operational highlights
-- The Group's trading performance showed a 63% increase in
revenue for the first six months against the previous trading
period at GBP5,790k (2019: GBP3.548k) and EBITDA for the period was
75% ahead at GBP324k (2019: GBP252k).
-- The Company performed well during the period, and highlights
include the news that DCD Rights distributed drama, The Secrets She
Keeps, was scheduled in primetime on BBC One in the UK, sustaining
a top ten ranking on the BBC iPlayer. This was a significant
achievement for an internationally produced drama.
-- The sixth series of Penn & Teller: Fool Us in Vegas was
transmitted in the first half of the year and the series order was
extended for a further 13 episodes for delivery at the end of the
year with transmission in Q1 2021. The highly successful series is
a co-production between 1/17 Productions and September Films for
The CW Network in the USA.
-- DCD Rights announced the brokering of a licensing and
co-production agreement for a second season of My Life is Murder
filming in New Zealand in Q1 2021.
-- September Films format and WE Produced Bridezillas season 13
sold to ITV network, Bell Media Canada, and Foxtel Australia as
well as A&E for Africa after successful ratings from the WE TV
US premiere.
-- DCD Rights partnered series, Disasters Engineered (US title
Deadly Engineering), received a nomination for a Daytime Emmy Award
and a re-order for a further season from Discovery's Science
Channel.
-- DCD Rights also announced sales of 62 hours of factual
programming to streaming partner, Curiosity Stream, comprising
largely the Open University programming.
David Craven, Executive Chairman , commented:
"We are pleased to report that strong momentum from trading
achieved in the first calendar quarter of 2020 has continued into
our 2021 financial year. In the six months to 30 September 2020,
progressive growth in revenues and adjusted EBITDA was achieved
despite the obvious economic headwinds presented by the global
pandemic.
"The Group's trading performance was in line with expectations
but was nonetheless an impressive 63% increase in revenue for the
first six months of the previous trading period at GBP5.79m (2019:
GBP3.55m) and EBITDA for the period was some 75% ahead at GBP324k
(2019: GBP252k).
"The acquisition team continued to acquire high quality TV
content across a range of genres in the first half of the year. As
the business acquired new titles in the catalogue, buyer engagement
has improved, particularly so given the strength of the
acquisitions in the drama genre.
"DCD Rights has a stated strategy to place more emphasis and
focus on the acquisition of quality 'cornerstone' drama content
which has high sales value in its own right. This imbues the
catalogue with strong sales appeal and context with major buyers,
which opens a dialogue for sales on the library as a whole. We
believe this is a successful strategy for a business of this size
and allows the sales team to engage with buyers on a wider spectrum
of genres. The performance of three key drama productions in the
marketplace, namely My Life Is Murder, The Secrets She Keeps and
Frankie Drake, has now validated this strategy.
"The business continues to perform well in factual programming,
particularly so with the prestigious factual catalogue under the
Open University brand remaining very popular for buyers interested
in diverse and engaging factual programming.
"As previously reported, the Group is exposed to USD exchange
fluctuations that can be sizeable and material to the Group. The
Group tries its best to mitigate such risk as best it can but given
the uncertainty in the economic outlook, particularly in the UK, we
are unsure how this will play-out for the full year results. As at
30 September 2020 the Group has a gain of GBP40k recognised in its
results.
"The Board remains confident in the rights and licencing
business - the DCD Rights sales team continues with very positive
engagement in the sales market and looks forward to a successful
outturn for the financial year, in spite of the obvious challenges
presented by the COVID-19 pandemic.
"The Board is thus confident that the catalogue remains
attractive to its network of buyers in the mid-term, particularly
with the strength of new, exciting titles which have been added
during the period. The Board remains focused on evaluating
additional third-party funding sources to help leverage more
licensed content and further increase the hours of TV content on
offer to buyers."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
Lisa Hale
Investor Relations/ Media Relations
DCD Media plc
Tel: +44 (0)20 3869 0190
ir@dcdmedia.co.uk
Stuart Andrews, Carl Holmes and Giles Rolls
finnCap
Tel: +44 (0)20 7220 0500
Executive Chairman's Statement
This announcement presents the unaudited interim results for the
Group for the six months ended 30 September 2020.
DCD Rights has acquired quality content to augment the growing
library under license. The Board is confident that the underlying
business remains strong and the catalogue remains commercially
attractive to buyers in the global TV rights markets.
Funding, as ever, remains a challenge although the funding
partnership with Back Catalogue Distribution independent
programming fund has continued its commitment to DCD Rights by
driving more programming through the production to licensing cycle.
In the period we finalised a funding facility with our principal
bankers, Coutts & Co ("Coutts"), that replaced our existing
overdraft facility with them. We look forward to continuing to work
with Coutts going forward.
We are pleased to report a number of notable content
achievements in the period:
-- Secret Nazi Bases - produced by Go Button Media and
distributed internationally by DCD Rights won an award at the
53(rd) WorldFest-Houston International Film Festival. 'Villa
Winter', the third episode of the series, was the recipient of a
Silver Remi Award for Best Historical Program.
-- The BBC announced that The Secrets She Keeps would premiere
on BBC One primetime over the summer, a tremendous slot for an
Australian produced drama. Back in Australia, the series premiered
on Network 10, with audience ratings increasing week on week.
-- SWR Media's ten-part factual series, Deadly Engineering
distributed internationally by DCD Rights under the title Disasters
Engineered, received a Daytime Emmy nomination for Outstanding
Educational or Informational Series.
-- Another Go Button Media series, A World Without NASA, was
nominated as a semi-finalist at the Vienna Science Film Festival.
The two-part series, distributed internationally by DCD Rights,
explores the everyday technologies that we now take for granted but
which were only made possible thanks to NASA's ground-breaking work
in the race to the stars.
Much of the key sales activity was anticipated, in particular we
are delighted that our current landmark drama productions are being
well-received in the marketplace. It is also worth noting that DCD
Rights announced a licensing and co-production agreement for a
second season of My Life is Murder featuring Laura Carmichael
filming in New Zealand early next year. We anticipate pre-sales to
be strong as a consequence of this second season in production.
Strong trading was also driven by some specific high-level sales
such as a major licensing deal for The Secrets She Keeps. This
drama was scheduled in primetime on BBC One in July and as such is
now the most high-profile production in the DCD Rights
catalogue.
The DCD rights team performed particularly well through the
first wave of COVID-19 and again through the summer of 2020, by
successfully operating remotely and managing their stakeholder
relationships with continuous conference calls and video meetings.
This, together with some insightful acquisition work undertaken in
the previous year, has set DCD Rights on a strong course for the
remainder of FY21.
We believe DCD Rights is now in a growth phase and continuing to
take market-share from other small independent distributors who
have not benefitted from long-term development arrangements with
emerging production companies.
As in previous periods, we are delighted to report a new series
of Penn & Teller: Fool Us in Vegas, season 6 was transmitted
over the summer of 2020 and the series order was extended for a
further 13 episodes for delivery at the end of the year and
subsequent transmission. DCD Rights is also now the distribution
partner for the back catalogue of Penn & Teller: Fool Us in
Vegas. The series is a result of a successful partnership with US
based 1/17 Productions and we are actively working with the team
there to explore other format opportunities.
The Board is confident that the Company will deliver a strong
performance in the second half of FY 2021 and would like to thank
its staff for their continued support through a very challenging
year and wish everyone associated with the Company well for the
forthcoming year.
1. Profit and Loss Review
Revenues for the six-months to 30 September 2020 were GBP5,790k
(2019: GBP3,548k). Revenues have increased in the six months to
September 2020 in comparison to the six months to June 2019 as a
result of a significant deal concluded for The Secrets She
Keeps.
In the period we have secured a new revolving funding line with
our principal bankers Coutts. We look forward to continuing to work
with Coutts.
Adjusted profit before tax was GBP240k (2019: GBP161k),
resulting in an adjusted gain per share for the period of 8p (2019:
6p). The Group's statutory profit after tax was GBP215k (2019:
GBP161k).
Adjusted profit or loss before tax (PBT) is the measure used by
the Group to indicate operating performance and aims to reflect
normalised trading before exceptional, restructuring items and
non-cash impairment charges, but after net finance costs. The
change in PBT is largely down to increased sales in the period.
A reconciliation of the Group's operating profit to Adjusted
Profit before Tax and Earnings before Interest Tax Depreciation and
Amortisation (EBITDA) is shown below:
Unaudited *Unaudited
6 months ended 6 months ended
30 September 30 June 2019
2020 GBP'000
GBP'000
Operating profit per accounts 244 166
Add: Depreciation 80 86
EBITDA 324 252
Adjusted EBITDA 324 252
Less: Net financial expense (4) (5)
Less: Depreciation (80) (86)
Adjusted PBT 240 161
------------------------------- ---------------- ----------------
* 2019 comparative numbers updated to incorporate implementation
of IFRS 16 in the period to 31 March 2020. More detail on this can
be found in the annual report released in September 2020.
2. Balance Sheet Review
Intangible assets at 30 September 2020 remained unchanged at
GBP1,017k (June 2019: 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
GBP9,309k (2019: GBP8,049k) and GBP10,407k (2019: GBP8,499k)
respectively. Both are mainly up as a result of increased sales
activity in the period.
Cash on hand at the period end stood at GBP2,762k (15 months to
31 March 2020: GBP2,735k). 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 .
At the end of September there was no bank overdraft facility in
place as we were in the process of completing a new revolving
credit facility of GBP500k that completed in November. The facility
is secured by fixed and floating charges over the Group's
assets.
There was no recharge from Timeweave Ltd ("Timeweave"), its
major shareholder, in the 2019 year or six months to September 2020
for director, management and financial services. As at 30 June 2019
there was a balance payable to Timeweave of GBP299k in relation to
previous management charges that were unpaid. As at September 2020
the balance was GBPNil.
During the period to 30 September 2020, the Group was recharged
GBP13k (15 months to March 2020: GBP31k) for director and
managerial services from Ultimate Finance Group Ltd, a company
under common ownership.
The amounts recoverable from HMRC in relation to VAT and social
security stood at GBP119k (2019: GBP36k). The Group has taken
advantage of payment holidays as a result of the COVID-19 outbreak
with regards to PAYE and NIC as they assessed the impact it had
made on the Company's trading. At 30 September 2020, amounts due to
HMRC under COVID-19 arrangements were GBP146k and are repayable by
the end of December 2020 under the repayment plan agreed with
HMRC.
Called up share capital has not changed, being GBP12.3m at 30
September 2020, 31 March 2020 and 30 June 2019.
No interim dividend is proposed for the period. Adjusted
earnings per share are disclosed in note 3 to the interim financial
statements.
3. Substantial shareholdings
As at 23 December 2020, the following notifications had been
made by holders of beneficial interests in 3% or more of the
Company's issued ordinary share capital as follows:
No. of GBP1 ordinary
shares %
----------------------------------- --------------------- ------
Timeweave Ltd 1,818,377 71.55
----------------------------------- --------------------- ------
Lombard Odier Investment Managers 664,328 26.14
----------------------------------- --------------------- ------
4. Review of operational activities
The Group consists of a rights and licencing division that
generates a significant majority of the revenue of the business and
also production division. However, the latter no longer actively
seeks new productions, instead focussing on key franchises that
continue to be a success for the Group.
Rights and Licensing
DCD Rights quickly adapted to COVID-19 conditions of working,
aided by a strong technical team, and good communication through
regular video conference meetings to follow our normal management
structures.
As the COVID-19 lockdown was implemented the sales team were due
to depart for Cannes in order to attend the MIP TV market festival,
this is one of three key festivals in the year. Buyers and sellers
alike co-operated to move all meetings online, to follow what was
an already fully booked schedule for the sales team. Decision
making was slowed by additional layers of approvals and budget
re-appraisals due to the impact of COVID-19 on advertising
revenues, however, DCD Rights again adapted to turn the team's
attention toward the burgeoning Video on Demand (VoD) and
Subscription Video On Demand (SVoD) channels, as well as our
traditional broadcast and cable partners. The catalogue benefited
from an increase in acquisition of new series in 2019, delivered in
early 2020, and we were able to offer a full catalogue with 5 new
factual series launched in the MIP TV Latest Releases brochure.
Curiosity Stream, a growing SVoD channel, acquired 62 hours of
factual programming across the range of our catalogue, with
particular emphasis on the Open University produced titles. In May
we announced a further 120 hours of factual and factual
entertainment programming sales to a broad stretch of broadcast and
cable networks around the world.
Best sellers from the market included further deals for Aussie
Gold Hunters, and new series The Bone Detectives, sold to UR
Sweden, Foxtel Australia, as well as TVO in Canada. History series
were in demand and Nazi War Machines Uncovered sold to Historie TV
in France, Viasat History, for Central and Eastern Europe, and
Scandinavia, as well as Foxtel in Australia and Prima in the Czech
Republic.
During the summer, STV Productions produced and delivered a
four-part series on the Royal Family for Channel 5, The Palace and
the Press, which DCD Rights acquired and started to make sales on
immediately whilst pre-planning a full October release and
marketing.
In drama, The Secrets She Keeps starring Laura Carmichael,
quickly became an international hit and was scheduled on BBC One
Primetime in the UK as well as a having a successful launch in
America in July on Sundance Now. DCD Rights announced further sales
in Germany, Denmark and Norway, alongside those already announced
in France, New Zealand, Russia, Poland, Israel and the Baltic
States.
DCD Rights was instrumental in working with producers to finance
new series during the period, as the financial impact of the dearth
in advertising started to bite into commissioning budgets.
Significant successes were a partnership with SWR Media whereby DCD
combined pre-sales with investment to trigger production of a
second season of the ten-part factual entertainment series
Disasters Engineered. The series was produced by SWR, Intermission
Films and DCD Rights in association with Dash Pictures for Science
Network. The series was delivered from August onward and produced
around the world using remote filming by internationally located
cameramen and women for original interviews and local footage
combined with archive. A tremendous achievement during lock down
and tribute to the production team who were nominated for a Daytime
Emmy Award for season one during the period.
This trend continued with an extension of our partnership with
Australian Production company, Cordell Jigsaw, whereby DCD raised
57% of an A$9.5m budget to produce a second season of the ten-part
drama, My Life is Murder, starring Lucy Lawless. DCD achieved this
through a combination of investment and international
pre-sales/co-production, with the remainder of the budget funded by
broadcasters in Australia (Channel 10), New Zealand (TVNZ) and
local offset grants. The deal delivered significant value to DCD
Rights, and the series will shoot in January in New Zealand for
delivery in May 2021 onwards.
Overall, the team have enjoyed a period where re-invention and
ingenuity have been key. They have risen to the challenges with
determination and worked hard with their trusted partners to
maintain a steady flow of programming supply to the market.
Production
DCD Media's production subsidiary September Films (in a
co-production with 1/17 Productions) transmitted the sixth series
of Penn & Teller: Fool Us in Vegas over the summer of 2020 for
The CW Network in the USA. A further 13 part series is due for
delivery at the end of 2020 transmission in early 2021.
6. Outlook
The period has been as unusual for DCD Media as it has for
almost every other facet of business life. A global pandemic led to
an economic recession impacting the media marketplace. Lockdown
inevitably led viewers to migrate to home entertainment and
on-demand streaming. While this may have seemed a perfect
opportunity for DCD Media to upsell more content for higher
premiums, the business environment has been and remains challenging
because there is no new normality. It is difficult in this climate
to provide a meaningful outlook given the macro economic pressures
and uncertainties.
What we do know is that the Board is confident that while the
business will require third-party funding over the coming months,
the strength of the current catalogue and buyer engagement suggests
the outturn for the year remains favourable.
We expect revenues for the year to 31 March 2021 to surpass the
like-for-like performance of the prior year and to deliver a
profit. In the short-term, the team is confident that we will
deliver a positive financial outcome in this current period, but it
is imperative that the DCD Rights team partners with additional
funders to provide opportunities in this expanding market.
We are immensely proud that our team have stepped up to deliver
a strong performance and set the business on a course for growth
amid the unprecedented economic crisis in the fall out of the
COVID-19 pandemic.
David Craven
Executive Chairman
23 December 2020
Consolidated income statement (unaudited)
for the 6 months ended 30 September 2020
Unaudited Unaudited Audited
6 months 15 Month
to 6 months Period
30 September to 30 June to 31 March
2020 2019 2020
Note GBP'000 GBP'000 GBP'000
--------------------------------- ----- ------------- ----------- ------------
Revenue 5,790 3,548 10,934
Cost of sales (4,739) (2,505) (8,882)
Gross profit 1,051 1,043 2,052
Administration expenses (807) (877) (2,198)
Operating profit/(loss) 244 166 (146)
Finance costs (4) (5) (10)
Profit/(loss) before taxation 240 161 (156)
Taxation - current 2 (25) - -
Profit/(loss) for the period 215 161 (156)
--------------------------------- ----- ------------- ----------- ------------
Profit/(loss) attributable to:
Owners of the parent 215 161 (156)
215 161 (156)
--------------------------------- ----- ------------- ----------- ------------
Earnings per share attributable to the equity holders of the Company
during the period (expressed as pence per share)
Basic profit/(loss) per share
from continuing operations 8p 6p (6p)
Total basic profit/(loss) per
share 8p 6p (6p)
--------------------------------- ----- ------------- ----------- ------------
Diluted profit/(loss) per share
from continuing operations 8p 6p (6p)
Total diluted profit/(loss) per
share 8p 6p (6p)
--------------------------------- ----- ------------- ----------- ------------
Consolidated statement of comprehensive income (unaudited)
for the 6 months to 30 September 2020
Unaudited Unaudited Audited
6 months 15 Month
to 6 months Period
30 September to 30 June to 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
----------------------------------------- ------------------ ----------- ------------
Profit/(loss) 215 161 (156)
Total comprehensive income 215 161 (156)
----------------------------------------------- ------------- ----------- ------------
Total comprehensive income attributable
to:
Owners of the parent 215 161 (156)
215 161 (156)
---- ------------- ----------- ------------
Consolidated statement of financial position (unaudited)
at 30 September 2020
Unaudited * Unaudited Audited
30 September 30 June 31 March
2020 2019 2020
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- ------------ ---------
Assets
Non-current
Goodwill 1,017 1,017 1,017
Property, plant and equipment 14 32 19
Right of use assets 71 253 144
Trade and other receivables 152 167 379
1,254 1,469 1,559
-------------------------------------- ------------- ------------ ---------
Current assets
Trade and other receivables 9,309 8,049 8,137
Cash and cash equivalents 2,762 2,254 2,735
12,071 10,303 10,872
-------------------------------------- ------------- ------------ ---------
Liabilities
Current liabilities
Trade and other payables (10,190) (8,463) (9,546)
Lease liabilities (73) (253) (146)
Taxation and social security (144) (36) (36)
(10,407) (8,752) (9,728)
-------------------------------------- ------------- ------------ ---------
Net assets 2,918 3,020 2,703
--------------------------------------- ------------- ------------ ---------
Equity
Called up share capital 12,272 12,272 12,272
Share premium account 51,215 51,215 51,215
Equity element of convertible loan - - -
Own shares held (37) (37) (37)
Retained earnings (60,532) (60,430) (60,747)
Equity attributable to owners of the
parent 2,918 3,020 2,703
Total equity 2,918 3,020 2,703
--------------------------------------- ------------- ------------ ---------
* Prior year interim comparatives for 2019 are re-stated to take
account of the implementation of IFRS 16 during the period to 31
March 2020.
Consolidated statement of financial position (unaudited)
at 30 September 2020
Unaudited * Unaudited Audited
6 months 6 months 15 months
ended ended to
30 September 30 June 31 March
2020 2019 2020
Cash flow from operating activities including
discontinued operations GBP'000 GBP'000 GBP'000
---------------------------------------------------- -------------- ------------ -----------
Net profit/(loss) before taxation 240 161 (156)
Adjustments for:
Depreciation of tangible assets 80 14 208
Tax charge for period (25) - -
Net bank and other interest charges 4 5 10
Net cash flows before changes in working
capital 299 180 62
(Increase)/decrease in trade and other receivables (945) 1,134 834
Increase/(decrease) in trade and other payables 752 (1,312) (229)
Cash from continuing operations 106 2 667
Interest paid (4) (5) (10)
Net cash flows from operating activities 102 (3) 657
Investing activities
Purchase of property, plant and equipment (2) (19) (20)
Net cash flows used in investing activities (2) (19) (20)
Financing activities
Repayment of finance leases (73) - (178)
Net cash flows from financing activities (73) - (178)
Net increase/(decrease) in cash 27 (22) 459
Cash and cash equivalents at beginning of
period 2,735 2,276 2,276
Cash and cash equivalents at end of period 2,762 1,908 2,735
---------------------------------------------------- -------------- ------------ -----------
* Prior year interim comparatives for 2019 are re-stated to take
account of the implementation of IFRS 16 during the period to 31
March 2020.
Statement of changes in equity (unaudited)
Share Share Equity Translation Retained Equity Amounts Total
capital premium element reserve earnings attributable attributable equity
of to owners to
convertible Own of the non-controlling
loan Shares parent interest
Held
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Balance at
30 June 2018 12,272 51,215 1 - (37) (60,476) 2,975 - 2,975
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Profit and
total
comprehensive
income for
the period - - (1) - - (115) (116) - (116)
Balance at
31 December
2018 12,272 51,215 - - (37) (60,591) 2,859 - 2,859
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Profit and
total
comprehensive
income for
the year - - - - - 161 161 - 161
Balance at
30 June 2019 12,272 51,215 - - (37) (60,430) 3,020 - 3,020
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Loss and total
comprehensive
income for
the period - - - - - (317) (317) - (317)
Balance at
31 March 2020 12,272 51,215 - - (37) (60,747) 2,703 - 2,703
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Profit and
total
comprehensive
income for
the period - - - - - 215 215 - 215
Balance at
30 September
2020 12,272 51,215 - - (37) (60,532) 2,918 - 2,918
-------------- ------- ------- ----------- ----------- ------- -------- ------------ --------------- -------
Notes to the interim financial statements (unaudited)
Nature of operations and general information
During the period, the principal activity of DCD Media Plc and
subsidiaries (the Group) was the worldwide distribution of
programmes for television and other media; the Group also
distributes programmes on behalf of other independent
producers.
DCD Media Plc is the Group's ultimate parent company, and it is
incorporated and registered in England and Wales. The address of
DCD Media Plc's registered office is 9th Floor, Winchester House,
259 - 269 Old Marylebone Road, London, NW1 5RA, and its principal
place of business is London. DCD Media Plc's shares are listed on
the Alternative Investment Market (AIM) of the London Stock
Exchange.
DCD Media Plc's condensed consolidated interim financial
statements are presented in Pounds Sterling (GBP), which is also
the functional currency of the parent company.
These condensed consolidated interim financial statements have
been approved for issue by the Board of Directors on 23 December
2020.
The financial information in the half yearly report has been
prepared using the recognition and measurement principles of
International Accounting Standards, International Financial
Reporting Standards and Interpretations adopted for use in the
European Union (collectively Adopted IFRSs). The principal
accounting policies used in preparing the half yearly report are
those the Group expects to apply in its financial statements for
the period ending 31 March 2021 and are unchanged from those
disclosed in the Group's Directors' Report and consolidated
financial statements for the period ended 31 March 2020. This
interim report has neither been audited nor reviewed pursuant to
guidance issued by the Audit Practice Board.
The financial information for the six months ended 30 September
2020 and the six months ended 30 June 2019 is unaudited and does
not constitute the Group's statutory financial statements for those
periods. The comparative financial information for the fifteen
months ended 31 March 2020 has, however, been derived from the
audited statutory financial statements for that period. A copy of
those statutory financial statements has been delivered to the
Registrar of Companies. The auditor's report on those accounts was
unqualified.
While the financial figures included in this half-yearly report
have been computed in accordance with IFRSs applicable to interim
periods, this half-yearly report does not contain sufficient
information to constitute an interim financial report as that term
is defined in IAS 34.
1. Basis of preparation
These interim condensed consolidated financial statements (the
Interim Financial Statements) are for the six months ended 30
September 2020. They do not include all of the information required
for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group
for the fifteen-month period ended 31 March 2020.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation of these
interim financial statements and remain unchanged form those set
out in the previous audited consolidated financial statements.
Basis of preparation - Going Concern
In considering the going concern basis of preparation of the
Group's financial statements, the Board have prepared profit and
cash flow projections which incorporate reasonably foreseeable
impacts of the ongoing challenging market environment.
The Directors' forecasts and projections, which make allowance
for reasonably possible changes in its trading performance, show
that, with the ongoing support of its lenders and its bank, the
Group can continue to generate cash to meet its obligations as they
fall due.
The Directors, after making enquiries, have a reasonable
expectation that the Company and the Group will have adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the annual report and financial statements.
The financial statements do not include the adjustments that
would result if the Group or Company were unable to continue as a
going concern.
2. Tax
There is a tax charge of GBP25k (2019: GBPNil) recognised in the
period. No deferred tax asset has been recognised in relation to
brought forward losses within group companies.
3. Profit per share
The calculation of the basic profit per share is based on the
profit attributable to ordinary shareholders divided by the average
number of shares in issue during the period.
6 months 6 months
to to
30 June 30 June
2020 2019
GBP'000 GBP'000
----------------------------------- ---------- ----------
Profit attributable to ordinary
shareholders:
Basic 203 161
Adjusted basic profit 203 161
----------------------------------- ---------- ----------
Weighted average number of shares
in issue: No. No.
Basic 2,541,419 2,541,419
----------------------------------- ---------- ----------
Profit per share (pence):
Basic 8 6
Adjusted basic 8 6
----------------------------------- ---------- ----------
4. Dividends
The Directors do not propose to recommend the payment of a
dividend.
5. Publication of non-statutory accounts
Copies of the Interim Financial Statements are available from
the registered office of DCD Media Plc or from the website -
www.dcdmedia.co.uk. The address of the registered office is: 9(th)
Floor, Winchester House, 259-269 Old Marylebone Road, London, NW1
5RA.
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END
IR PPGAAPUPUGAW
(END) Dow Jones Newswires
December 24, 2020 02:00 ET (07:00 GMT)
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