REG - Facilities by ADF - Trading Statement

Facilities by ADFAnnouncement

03/08/2023 07:00

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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 £21.8 million and unaudited adjusted EBITDA of £5.8
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 £35
million and £40 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 8900

 Ben Jeynes / Max Gould / George Lawson - Corporate Finance

 Alex Pollen - Sales

 Alma PR (Financial PR)                                       Tel: +44 (0)20 3405 0205

 Josh Royston                                                 facilitiesbyadf@almapr.co.uk

 Hannah Campbell

 

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.

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