Music Festivals PLC Operational & Financing Update (1805J)

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RNS Number : 1805J

Music Festivals PLC

02 August 2012

2 August 2012

Music Festivals plc

("Music Festivals" or the "Group")

Operational & Financing Update

Music Festivals plc (AIM: MFP), a company which owns, develops and produces music festivals, announces an operational and financing update.

The Group's two main festivals were held in July 2012 and as set out in the announcement dated 3 July 2012, tickets sales at that date led the Directors to believe that the Group's financial results for the year ending 31 December 2012 would be significantly lower than market expectations.

The Group was particularly impacted by weaker than expected ticket sales at Hop Farm Music Festival which was loss-making. The Benicassim festival continued to be profitable but at a much lower level than 2011. As a result, the Group currently expects to report a material loss for the year ending 31 December 2012 and is exploring ways of raising additional working capital.

For further information please contact:

 
 Music Festivals plc 
 Vince Power (Chief Executive)            Tel: +44 (0)20 
                                               7644 1420 
 
 Merchant Securities Limited (Nominated Adviser and 
  Broker) 
 Simon Clements/Virginia Bull/Catherine   Tel: +44 (0)20 
  Miles                                        7628 2200 
 
 Mission Public Relations 
 Andrew Murray-Watson                     Tel: +44 (0)20 
                                               7845 7800 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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