DCD results buck downturn
- Published: 01 December 2008 10:32
- Author: Rob Shepherd
- More by this Author
- Last Updated: 01 December 2008 10:32
- Reader Responses
DCD Media reported a revenue increase of 27% to £34m in its final results published this morning.
The group, whose portfolio includes Prospect Pictures, September Films and West Park Pictures also saw gross profit increase 24% to £7.2m, compared with £5.8m in 2007.
The figures were significantly helped by September Films, which had its best ever year boosted by a succession of major deals in the US.
"DCD has continued its expansion and shown that our acquisition and consolidation strategy is appropriate in these difficult times," said DCD Media chairman David Elstein.
"We are probably one of the most broadly based of the UK quoted independent TV companies and, with the recent deal within DCD Rights, we will further broaden the catalogue of titles which can generate future income streams."
Elstein added that the group had resolved its recent issues surrounding the convertible loan note terms. "The support shown by our major shareholder in buying the loan notes has allowed DCD to renegotiate the terms to a more favourable and stable position for DCD shareholders. The group now has a more robust financial footing and the employees and management are excited about the future prospects of the business."
Earlier this month, chief executive Chris Hunt said he was to step down to return to programme-making. He has been replaced in the interim by September Films founder David Green, DCD's chief creative officer, until a successor is found.
The change came as DCD Media said it had been put on a "more robust financial footing" after its largest shareholder, Gartmore Investment Management, bought £2.6m in DCD loan notes from un-named parties.
