27th Jun 2005 06:00
Embargoed: 0700hrs 27 June 2005 Digital Classics plc (the "Company" or the "Group") Trading Update Digital Classics plc, the world's leading international classical music andarts programme production and distribution business is pleased to confirm that,as a result of the recent acquittal ("Trial") of Michael Jackson on allcharges, the Directors believe that its, as yet unscreened, programme "TheMichael Jackson Story," may be of significantly higher value than previouslyanticipated.Although the programme was filmed and edited in 2003, it could only becompleted at the end of the Trial in mid June this year. The Company's year endis on 30 June and it is therefore uncertain, at present, as to whether therevenue and profit from the sales of this asset will impact on the currentfinancial year performance or the next. Management is currently aggressivelymarketing the production and is in discussions with six US television channels,three of which are major US networks. If a deal is sealed with one of thesewithin the financial year, it is likely to have a material impact on thefinancial performance of the Group to June 2005. If, however, a deal is notsecured before the year end then the outcome for the current year may be belowcurrent market expectations, which had factored an earlier end to the Trial. Ifthis is the case, there should be a commensurate benefit to market forecastsfor the year ending 30 June 2006.The Board wishes to make clear that, whilst delighted with the prospects forthe Group, it will not urge an earlier sale of this programme in order tosatisfy market expectations for the current year.Chris Hunt, Chief Executive, said,"The news is excellent and just what we were waiting for but we will do thebest deal available, whenever it comes." -Ends- Chris Hunt, Chief ExecutiveDigital Classics plcTel. 020 7636 1400Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDDIGITAL CLASSICS PLCRelated Shares:
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