30th Nov 2005 11:58
Immediate release: 30 November 2005 Digital Classics plc ("Digital Classics" or the "Group") AGM Statement & Trading Update Digital Classics plc is pleased to announce that, at the Annual General Meetingheld today, all resolutions were duly passed. The Directors also issued thefollowing trading update:Digital Classics DistributionAfter less than five months of trading during the current financial year, over55% of the projected annual turnover is contracted or in draft contract form,with the overhead costs running at an annualised amount of ‚£450,000 less thanat the same point last year. Taking into account the seasonality of thisbusiness, which sees comparatively little trading occur during the summermonths, the Directors are pleased with this progress.Digital Classics DVDAs this division of the Group has only been operating for one month, theDirectors believe that activity to date should not be read as an indicator offuture performance, however the division's first full month's turnover is 89%ahead of expectations and the Directors continue to be encouraged by thisprogress.Iambic ProductionsThe division's activity is in line with the Directors expectations. Forecastproduction is proceeding as planned and the directors are pleased to announcethat the division has also agreed terms for the licence of its Michael Jacksonprogramme to the American Arts and Entertainment Network for an initial packageof rights priced at US$200,000. Further rights in the territory are currentlyunder negotiation with a further price to be agreed in due course.Chief Executive, Chris Hunt said,"We are pleased that the DVD label appears to have started very strongly, thatIambic has licensed its Michael Jackson documentary for the highest unit pricethat any division of Digital Classics has achieved to date for a documentaryprogramme licence in the USA, and that the distribution division is performingwell and from a more efficient cost base."Contacts:Chris Hunt, Chief ExecutiveDigital Classics plcTel. 020 7636 1400Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDDIGITAL CLASSICS PLCRelated Shares:
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