DCD Media

Group results for the year ended 31 Dec 2011

News   •   May 29, 2012 11:58 BST

Financial Summary (comparatives are eighteen months to 31 December 2010)

Continuing operations:

·      Revenue                                                        £21.8m (2010: £32.4m)

·      Gross profit                                                  £7.0m (2010: £7.2m) 

·      Operating loss                                             £6.0m (2010: £10.1m) 

Discontinued operations:

·      Revenue                                                        £8.1m (2010: £15.9m)

·      Gross profit                                                  £1.1m (2010: £3.0m) 

·      Operating loss                                             £1.8m (2010: £1.1m) 

Group results:

·      Unadjusted Loss Before Tax                    £8.2m (2010: £8.4m)

·      Adjusted Profit Before Tax                         £0.1m (2010: £1.8m) 

·      Adjusted EBITDA                                         £0.6m (2010: £2.3m) 

Refer to table within the Financial Review section below for a reconciliation of the adjustments.

Business highlights

·      £1.75m fundraising completed through £0.75m placing and £1.0m issue of convertible debt;

·      New factual production company 'Rize USA' launched successfully with several commissions won during the year and over £2 million worth of new orders to date;

·      September Films Limited grew US creative team off of the back of new seasons of US reality shows Bridezillas and Billy The Exterminator, and in the UK delivered Saturday night ITV1 primetime series Penn & Teller: Fool Us presented by Jonathan Ross;

·      Factual division centralized its management team and launched topical programming unit;

·      Cardiff based company Prospect Cymru/Wales Limited delivered award winning Shirley on BBC2 as the centre piece of BBC2's Mixed Race season; and

·      DCD Media appointed new members to the Board of Directors, adding Sammy Nourmand and John Cusins as Executive Director and Non-Executive Director of the Company, respectively.

Post year end events:

·      DCD Media appointed Sammy Nourmand as Chief Executive Officer and David Green asExecutive Chairman; and

·      DCD Media added post production activity to the range of its television production businesses with the launch of DCD Post-Production Limited, trading under the brand name 'Sequence'.

·      Timeweave plc acquired £3.1 million of convertible loan notes due on 28 November 2012 and converted £595,750 into 59,575,000 shares representing 29.9% of the Company's issued share capital.

·      The DCD Media Board of Directors have been, and continue to be, in discussions with the Directors of Timeweave to understand their intentions and are working with Timeweave on a proposal to reduce, or negate, the impact of the repayment of the convertible debt in November.

David Green, Executive Chairman, commented:

"Despite the continuing tough and challenging environment, the Group has delivered a steady set of results underpinned by an optimised operating structure and stronger financial footing that put us in a position to effectively take advantage of new opportunities on both sides of the Atlantic, grow the business and deliver long-term sustainable results for our shareholders."

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