31st May 2019 15:15
LONDON (Alliance News) - DCD Media PLC on Friday reported a swing to an annual loss on the back of a reduction in revenue.
Furthermore, the TV distribution group said it has not yet seen the benefit of the investments it made in its catalogue throughout 2018 as market conditions remain challenging.
For 2018, DCD Media reported a pretax loss of GBP58,000 compared to a GBP519,000 profit a year ago. Revenue, meanwhile, fell to GBP7.1 million from GBP10.2 million.
"We are clearly disappointed that a number of factors combined in the year to impact what was a continuously growing sales revenue pattern over the previous five years," Chief Executive Officer David Craven said.
"The market is certainly in flux presently and we expect more uncertainty as the transition to digital content delivery and consumption continues."
On a more positive note, Craven added that despite the "tough trading conditions" the board believes the investment made will improve the company's performance.
DCD Media shares were untraded at 280.00 pence each on Friday afternoon.
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