13th Nov 2015 07:43
LONDON (Alliance News) - DCD Media PLC warned Friday that challenging trading conditions will likely hit earnings for its production division in 2016, as ITV PLC has opted not to commission a third season of game show 'Celebrity Squares'.
The television distribution and production company said its overall trading performance for 2015 remains on course.
Whilst 'Celebrity Squares' might be re-commissioned in the future, DCD noted, the loss of revenue from this production will hit its performance in 2016. However the company stressed that it is "encouraged by its strong pipeline of opportunities in the production division".
Additionally, DCD noted that it is likely that amounts due to its parent, Timeweave Ltd, will need to be settled by the issue of further convertible loan notes, as in 2014. This includes GBP423,000 in relation to some directors' and accounting services, as well as an amount of GBP152,000 of recovered VAT owed to Timeweave.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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