Facilities by ADF plc Trading Statement (1271I)
August 03 2023 - 2:00AM
UK Regulatory
TIDMADF
RNS Number : 1271I
Facilities by ADF plc
03 August 2023
3 August 2023
Facilities by ADF plc
("ADF", the "Company" or the "Group")
Half year trading update and Notice of Results
Facilities by ADF, the leading provider of premium serviced
production facilities to the UK film and high-end television
industry, today provides an update on trading for the six-month
period ended 30 June 2023 ("H1-FY23").
ADF delivered a strong financial performance in H1-FY23, with
high levels of fleet utilisation following on from a solid finish
to the financial year ended 31 December 2022. As a result, the
Company currently expects to report H1-FY23 unaudited revenues of
GBP21.8 million and unaudited adjusted EBITDA of GBP5.8
million.
The Group remains strongly positioned in its markets and the
Board remains confident in the Company's future prospects with ADF
remaining focused on investing in its offering and people to
deliver its growth strategy, whilst also targeting further
high-quality complementary acquisitions.
Much has been publicised in the media about USA Writers (Writers
Guild of America (WAG)) and Actors (Screen Actors Guild - American
Federation of Television and Radio Artists (SAG-AFTR)) strikes
which have been impacting productions around the globe. As the
strikes have drawn on, several film and TV productions in the UK,
on which ADF is currently engaged, have seen stoppages or delays to
productions that were scheduled to start filming in autumn 2023,
having now been pushed into early 2024 commencement.
Notwithstanding the above effects on productions affected by the
USA strikes, revenues from the Group's unaffected UK productions
and pipeline are expected to generate revenues for the full year
ending 31 December 2023 of between GBP35 million and GBP40 million,
assuming there is no resolution to the strikes in the current
financial year. ADF continues to assess the impact on its planned
work programme for the remainder of the financial year in
conjunction with its production company contacts. Any alleviation
of the prevailing strike action will provide the potential for
further upside in the current financial year.
The Company expects to provide a further update at the time of
its H1-FY23 interim results which will be published in
mid-September 2023.
As the industrial action normalises, the Board is confident that
there will be significant levels of pent-up demand for film and
high-end television productions, akin to that seen post the initial
onset of the COVID-19 pandemic, and that the Group is well placed
to benefit given its market leading position.
Marsden Proctor, CEO, said:
"The Group delivered a strong first half, building on momentum
from the prior year. Whilst the Writers (WAG) and Actors (SAG-AFTR)
strike is causing a short-term impact across our entire industry,
as a Board, we are confident the Group is in a strong position to
capitalise once previous productions level resume, and therefore
remain very confident in the long-term success of ADF."
For further enquiries:
Facilities by ADF plc via Alma PR
Marsden Proctor, Chief Executive Officer
Neil Evans, Chief Financial Officer
John Richards, Chairman
Cenkos (Nominated Adviser and Broker) Tel: +44 (0)20 7397
Ben Jeynes / Max Gould / George Lawson - 8900
Corporate Finance
Alex Pollen - Sales
Alma PR (Financial PR) Tel: +44 (0)20 3405
Josh Royston 0205
Hannah Campbell facilitiesbyadf@almapr.co.uk
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
take responsibility for this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFSRTFIFIIV
(END) Dow Jones Newswires
August 03, 2023 02:00 ET (06:00 GMT)
Facilities By Adf (LSE:ADF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Facilities By Adf (LSE:ADF)
Historical Stock Chart
From Jul 2023 to Jul 2024