25th Feb 2020 10:57
(Alliance News) - DCD Media PLC on Tuesday reported an improved performance in 2019 and expressed optimism going forward.
The production company said revenue in 2019 increased by 27% to GBP9.0 million from GBP7.1 million a year earlier, helping it to swing to pretax profit of GBP19,000 from GBP58,000 loss a year ago.
Direct costs have increased 33% to GBP7.2 million form GBP5.4 million in 2018, DCD Media said, as a result of the increased revenue activity. Administrative costs have increased by 3% year-on-year amid general rises in rates along with some changes in personnel costs.
Looking ahead, DCD Media said it had a "steady" start to 2020 with a quiet first quarter.
"We are pleased with the results for 2019," said Executive Chair David Craven. "The business continued to invest in new programming with continued support from its primary funding partner."
Craven added: "The outlook for the remainder of the trading period to March 31 remains positive."
DCD Media said it will report its financial results for the fifteen-month period to the end of March by August 31, reflecting financial year-end change.
The AIM stock was untraded in London on Tuesday, last closing at 200.00 pence a share.
By Evelina Grecenko; [email protected]
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