Videndum PLC Revision of Half Year Results Date (5681I)

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RNS Number : 5681I

Videndum PLC

08 August 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

8 August 2023

Videndum plc

Revision of Half Year Results Date

Videndum plc ("the Company" or "the Group"), the international provider of premium branded hardware products and software solutions to the content creation market, announces that the release of its results for the six-month period ended 30 June 2023 ("Half Year Results"), due on 10 August 2023, has been delayed because more time is required to finalise its half year financial reporting.

As previously highlighted, financial performance for the six-month period ended 30 June 2023 has been significantly impacted by ongoing macroeconomic headwinds, the effects of destocking and compounded by the US writers' strike (1) . Management continues to be focused on protecting profit and preserving cash while seeking to ensure we are well placed for recovery once the Strikes (2) are over.

The Board's expectations for H1 2023 are broadly unchanged. Net debt to EBITDA (3) is expected to be within our covenants and looking forward, given our strong relationships with our banks, we have agreed covenant amendments for December 2023 (ratio of net debt to EBITDA (3) increased from 3.25x to 4.25x and interest cover (4) lowered from 4.0x to 3.0x) and for June 2024 (ratio of net debt to EBITDA (3) increased from 3.25x to 3.75x and interest cover (4) lowered from 4.0x to 3.25x).

We expect to release the Half Year Results during September. A further announcement of a revised date will be made in due course.

Notes

 
         The Writers' Guild of America ("WGA") combines two different 
  (1)     US labour unions representing TV and film writers in New 
          York and Los Angeles, and called a strike on 2 May 2023. 
         "The Strikes" combine the above WGA strike and the strike 
  (2)     called on 3 July 2023 by The Screen Actors Guild and the 
          American Federation of Television and Radio Artists ("SAG-AFTRA"). 
         Net debt is stated before arrangement fees and after leases 
  (3)     of discontinued operations; EBITDA is based on adjusted 
          EBITDA for the applicable 12-month period, before non-cash 
          share-based payment charges; and after interest on employee 
          benefits and FX movements, and the amortisation of arrangement 
          fees. 
         Interest cover is calculated as adjusted EBITA for the 
  (4)     applicable 12-month period (being adjusted EBITDA less 
          depreciation of PP&E) divided by adjusted net finance 
          expense (before interest on employee benefits and FX movements, 
          and the amortisation of arrangement fees). 
         This announcement contains inside information. The person 
  (5)     responsible for arranging the release of this announcement 
          on behalf of Videndum plc is Jon Bolton, Group Company 
          Secretary. 
 For more information please contact: 
 Videndum plc                                   Telephone: 020 8332 4602 
 Stephen Bird, Group Chief Executive 
 Andrea Rigamonti, Group Chief 
  Financial Officer 
 Jennifer Shaw, Group Communications 
  Director

Notes to Editors :

Videndum is a leading global provider of premium branded hardware products and software solutions to the content creation market. We are organised in three Divisions: Videndum Media Solutions, Videndum Production Solutions and Videndum Creative Solutions.

Videndum's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators ("ICC"), gamers, professional musicians and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags, backgrounds, motion control, audio capture, and noise reduction equipment.

We employ around 1,800 people across the world in 11 different countries. Videndum plc is listed on the London Stock Exchange, ticker: VID.

More information can be found at: https://videndum.com/

LEI number: 2138007H5DQ4X8YOCF14

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