REG - Facilities by ADF - Trading Update

Facilities by ADFAnnouncement

04/08/2022 07:15

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RNS Number : 8576U  Facilities by ADF plc  04 August 2022

4 August 2022

Facilities by ADF plc

("Facilities by ADF", the "Company" or the "Group")

Trading Update

 

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 half year ended 30 June 2022 ("H1-FY22"), ahead of
announcing its half year results in mid-September.

 

The Company continued to trade strongly throughout H1-FY22 with high levels of
fleet utilisation during the period following on from a strong finish to the
financial year ended 31 December 2021 ("FY21").

 

Notwithstanding an exceptional first half of FY21 ("H1-FY21") on account of a
number of large productions having had to catch up from 2020 COVID-19 induced
pauses, the Group is pleased to report that revenues for H1-FY22 are expected
to be marginally ahead of H1-FY21 levels.

 

Whilst the distribution of productions in H1-FY22 has seen a larger number of
shorter productions than in H1-FY21, resulting in additional budgeted fleet
movement costs for moving equipment between productions, the Group has strong
order visibility for the remainder of FY22. With the 2022 order book almost
fully booked, the Board is confident that the Group continues to trade in line
with market expectations for the FY22 year*.

 

Additionally, market dynamics remain strong, with continued robust demand for
film and high-end television the UK and the Group's 2023 order book continues
to grow. Therefore, the Group remains confident of further success.

 

The Group raised £15m of gross proceeds on admission to trading on AIM and a
portion of these funds have been deployed in increasing the size of the
Group's fleet to meet demand. Management also continues to actively review
initial acquisition opportunities in line with the Group's strategy detailed
at Admission.

 

Marsden Proctor, CEO, said:

"The Group has continued to make substantial progress in the first half of
2022, underpinned by supportive market dynamics, a strong network of contacts
and good levels of order visibility, providing the Board with confidence in
the long-term success of the business.

 

Our funds raised at IPO continue to provide us with the means to further
strengthen the Company's financial position and continue to execute on our
growth strategy. With our order book nearly filled for 2022, we enter the
second half in a robust position and look to the future with confidence."

 

 

*FY22 market expectations as at the date of this announcement of £31.8
million revenue and adjusted EBITDA** of £7.8 million.

 

**Earnings before interest, taxes, depreciation and amortisation ('EBITDA')
adjusted for IPO costs and share-based payments.

 

 

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

   Andy Bryant

   John Coles

   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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