18th Nov 2005 10:15
Motive Television PLC Trading Update Since Motive Television PLC's (the "Company") listing on AIM on May 11, theBoard has carried out a detailed review of the companies that make up the UK'sindependent television production sector and the Company is now in negotiationswith a number of these.In addition, the Company is in early-stage discussions with a number of othercompanies and we expect these discussions to form the basis for furthernegotiations in the near future.We therefore view the prospects for making our first acquisition as an AIMlisted group with some optimism.Since our first acquisition, of Setanta Sports Irl Ltd's Dublin production arm,Setanta Television Ltd, now re-named Motive Television Ltd, we have developedand introduced a system of monthly management accounts, re-structured andincentivised the management and introduced a rolling strategy review and annualbudget process.Motive Television Ltd has performed in line with management expectations in itsfirst period under the Company's ownership and has delivered three series toIrish broadcaster RTE in the period: Park Live, No Place Like Home and TheErnst & Young Entrepreneur of the Year. Management expect that all three serieswill be re-ordered next year. Motive Television Ltd also recently won an awardat the Irish Film and Television Awards for Marooned, its sports documentaryseries broadcast by RTE in 2004.We continue to keep strict control of corporate costs and our cash reserves at31st October were in excess of ‚£1.1m.The Board is confident that the Company's strategy is sound and that goodprogress is being made against its stated corporate strategy and objectives.The Company intends to release its preliminary results to 31 December 2005 by31 March 2005 and confirms that audited accounts will be sent to shareholdersby 31 March 2005.Michael PilsworthChairmanENDMOTIVE TELEVISION PLCRelated Shares:
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