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Trading Update

25th Mar 2014 07:00

RNS Number : 0576D
DCD Media PLC
25 March 2014
 

DCD Media PLC

25 March 2014

 

DCD Media Plc

("DCD Media" or the "Group")

Trading Update

 

DCD Media announces that it intends to release its financial results for the year ended 31 December 2013 in May 2014 and in advance of this provides the following pre-close trading statement.

During the second half of 2013, the Group traded in line with the Directors' expectations and, as set out in the announcement of 30 September 2013, the Group has been reducing costs as a result of its reduced revenue expectations announced on that date. DCD Media expects revenue for the year to 31 December 2013 to be in the region of £14 million, in line with expectations.

 

The Group continues to focus on delivering on its long-term strategic and financial priorities through its Production operations and Rights and Licensing businesses.

 

CEO David Craven commented: "We continue to find trading difficult in the Production division, and although we have continued to support development activities, we anticipate the market will remain challenging in the coming months. The loss of the long-running Bridezillas franchise, as announced on 30 September 2013, which was managed through our US operation, will also impact 2014 revenues and has required a reshaping of the cost base.

 

"In 2014 we remain focused on transforming our business profile and improving our earnings. We are hopeful we can secure meaningful production commissions in the near future but reiterate that trends in TV production are pointing to a slowdown in new business.

 

"Conversely, in the Rights and Licensing division, the outlook is strong with growing market share both at home and overseas. We are confident that, by continuing to execute on our strategy of delivering improved sales and outcomes to our rights funding partners, the division will deliver another year of revenue and profit growth for 2014.

 

"We believe that while trading has been challenging, in the long-term, we can deliver shareholder value in a sustainable and balanced business."

For further information please contact:

 

DCD Media plc

Tel: +44 (0)20 8563 9393

[email protected]

 

Stuart Andrews or Charlotte Stranner

finnCap

Tel: +44 (0)20 7220 0500

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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