DCD Media PLC Business Update & Notification of Results (5885Z)
May 27 2016 - 11:07AM
UK Regulatory
TIDMDCD
RNS Number : 5885Z
DCD Media PLC
27 May 2016
DCD Media plc
("DCD Media" or the "Company")
Business Update
Notification of Results
Business Update
Ahead of publishing its results for the year ended 31 December
2015 on 2 June 2016, DCD Media announces the reduction of its
production activities to focus on its two key franchises, September
Films' 'Penn and Teller: Fool Us in Vegas' currently delivering
season two to the CW Network in America, and Rize USA's 'Got What
it Takes?', produced for CBBC in the UK.
Results for the year to 31 December 2015 remain in line with
directors' expectations. However, following a period of assessment
and review, and as a consequence of continuing challenging trading
conditions in the production division that have resulted in a poor
uptake of other commissions, the directors have decided to cease
development activities within that division with immediate effect.
As a result, there will be a number of redundancies in the
production division.
Additionally, the Board announces that DCD Publishing is being
absorbed within DCD Rights and will no longer operate as a separate
business within DCD Media. This will allow management to continue
its focus on building scale in the distribution and rights
division, which continues to increase its turnover and
profitability, expanding its catalogue and making some large sales
to major international Broadcasters.
Outstanding Management Recharges
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. At 31 December 2015, liability for these services amounted
to GBP0.4m and a further GBP0.2m of recovered VAT was owed to
Timeweave. Management expects that further charges of GBP0.2m will
have accrued by 31 December 2016.
While the directors continue to carefully manage cash flows, it
is unlikely that these amounts can be settled in the short term and
as consequence, DCD Media and Timeweave are looking at ways to
formalise the debt. Further information will be released
shortly.
For further information please contact:
DCD Media Plc
Angelica Tziotis, Press and Communications
Tel: +44 (0)20 3869 0190
ir@dcdmedia.co.uk
finnCap
Stuart Andrews / Carl Holmes
Tel: +44 (0)20 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
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