REG - Videndum PLC - Revision of Half Year Results Date

VidendumAnnouncement

08/08/2023 07:00

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RNS Number : 5681I  Videndum PLC  08 August 2023

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8 August 2023

Videndum plc

Revision of Half Year Results Date

Videndum plc ("the Company" or "the Group"), the international provider of
premium branded hardware products and software solutions to the content
creation market, announces that the release of its results for the six-month
period ended 30 June 2023 ("Half Year Results"), due on 10 August 2023, has
been delayed because more time is required to finalise its half year financial
reporting.

As previously highlighted, financial performance for the six-month period
ended 30 June 2023 has been significantly impacted by ongoing macroeconomic
headwinds, the effects of destocking and compounded by the US writers'
strike(1).( ) Management continues to be focused on protecting profit and
preserving cash while seeking to ensure we are well placed for recovery once
the Strikes(2) are over.

The Board's expectations for H1 2023 are broadly unchanged. Net debt to
EBITDA(3) is expected to be within our covenants and looking forward, given
our strong relationships with our banks, we have agreed covenant amendments
for December 2023 (ratio of net debt to EBITDA(3) increased from 3.25x to
4.25x and interest cover(4) lowered from 4.0x to 3.0x) and for June 2024
(ratio of net debt to EBITDA(3) increased from 3.25x to 3.75x and interest
cover(4) lowered from 4.0x to 3.25x).

We expect to release the Half Year Results during September. A further
announcement of a revised date will be made in due course.

 

Notes

 (1)                       The Writers' Guild of America ("WGA") combines two different US labour unions
                           representing TV and film writers in New York and Los Angeles, and called a
                           strike on 2 May 2023.
 (2)                       "The Strikes" combine the above WGA strike and the strike called on 3 July
                           2023 by The Screen Actors Guild and the American Federation of Television and
                           Radio Artists ("SAG-AFTRA").
 (3)                       Net debt is stated before arrangement fees and after leases of discontinued

                         operations; EBITDA is based on adjusted EBITDA for the applicable 12-month
 ( )                       period, before non-cash share-based payment charges; and after interest on
                           employee benefits and FX movements, and the amortisation of arrangement fees.
 (4)                       Interest cover is calculated as adjusted EBITA for the applicable 12-month

                         period (being adjusted EBITDA less depreciation of PP&E) divided by
 ( )                       adjusted net finance expense (before interest on employee benefits and FX
                           movements, and the amortisation of arrangement fees).
 (5)                       This announcement contains inside information. The person responsible for
                           arranging the release of this announcement on behalf of Videndum plc is Jon
                           Bolton, Group Company Secretary.

 For more information please contact:
 Videndum plc                                                        Telephone: 020 8332 4602
 Stephen Bird, Group Chief Executive
 Andrea Rigamonti, Group Chief Financial Officer
 Jennifer Shaw, Group Communications Director

 

Notes to Editors:

Videndum is a leading global provider of premium branded hardware products and
software solutions to the content creation market. We are organised in three
Divisions: Videndum Media Solutions, Videndum Production Solutions and
Videndum Creative Solutions.

Videndum's customers include broadcasters, film studios, production and rental
companies, photographers, independent content creators ("ICC"), gamers,
professional musicians and enterprises. Our product portfolio includes camera
supports, video transmission systems and monitors, live streaming solutions,
smartphone accessories, robotic camera systems, prompters, LED lighting,
mobile power, bags, backgrounds, motion control, audio capture, and noise
reduction equipment.

We employ around 1,800 people across the world in 11 different countries.
Videndum plc is listed on the London Stock Exchange, ticker: VID.

More information can be found at: https://videndum.com/
(https://videndum.com/)

LEI number: 2138007H5DQ4X8YOCF14

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