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Dcd Media Plc LSE:DCD London Ordinary Share GB00BBD7QB75 ORD GBP1.00
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 275.00p 250.00p 300.00p 275.00p 275.00p 275.00p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 7.1 -0.1 -1.0 - 7

DCD Media PLC Interim Results

28/09/2018 7:00am

UK Regulatory (RNS & others)


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DCD Media PLC

28 September 2018

DCD Media Plc

("DCD Media", the "Company" or the "Group")

Unaudited Interim Results for the Six Months Ended 30 June 2018

DCD Media, the independent TV distribution and production group, is pleased to report unaudited interim results for the six months ended 30 June 2018.

Financial highlights

 
                                             GBP3.4m (2017: GBP4.7m) 
   *    Revenue 
                                             GBP1.0m (2017: GBP1.4m) 
   *    Gross profit 
                                             GBP0.1m (2017: GBP0.3m) 
   *    Operating profit 
                                             GBP0.1m (2017: GBP0.3m) 
   *    Unadjusted profit before tax 
                                             GBP0.1m (2017: GBP0.5m) 
   *    Adjusted EBITDA 
                                             GBP0.1m (2017: GBP0.5m) 
   *    Adjusted profit before tax 
                                             GBP1.9m (FY2017: GBP1.3m) 
   *    Cash & cash equivalents 
 
   *    Adjusted basic earnings per share    5p (2017: 22p) 
 

Operational highlights

-- DCD Rights continued to invest heavily in new programming as a consequence of extended funding from its primary funding partner.

-- The fourth series of Penn & Teller: Fool Us in Vegas was transmitted in H1 2018. The highly successful series is a co-production between 1/17 Productions and September Films for The CW Network in the USA.

-- DCD Rights secured distribution of factual crime series 21(st) Century Serial Killer which was pre-sold to UKTV's Really Channel prior to its launch to international buyers at MIPTV.

-- After a reboot of September Films' long running entertainment series Bridezillas last year, the iconic reality show, now in its eleventh season, was secured by ITV (UK), Nine Network (Australia) and Medialaan (Belgium).

-- DCD Rights also signed a run of deals with Discovery for two series of America's number one reality show Mama June: From Not To Hot, while the Family Edition of Marriage Boot Camp: Reality Stars was secured by ITV.

-- The BBC ran the UK premiere of Romper Stomper, the DCD Rights distributed contemporary political thriller, which was nominated for 'Most Outstanding Mini Series' at the LOGIE's on BBC Three.

-- Rize's popular children's reality show Got What It Takes? premiered its third season during the first half of the year and it rated successfully on CBBC, the BBC's children's television strand.

-- James Martin's American Adventure, which premiered on ITV at the start of the year, sold to Asia in a pan-regional deal as well as to Australia, New Zealand, Poland and Hungary.

Post period events

-- Headway has been made in the third quarter to improve sales revenue, after having a challenging start to the year, as disclosed in the Group's final results in June 2018, and the Company expects to report sales in line with last year.

-- WE TV confirmed the renewal of a further season of 10 hour-long episodes of September Films' highly popular and long-running series Bridezillas to deliver in 2019.

-- We are delighted to announce a further episode of Penn and Teller: April Fool Us for 2019. This is a compilation of some of the best clips from the previous season.

David Craven, Executive Chairman, commented:

"DCD Rights secured significant and record levels of third party programme funding in 2017. There is a latent effect in the application of these new funds into viable, quality programming to augment the catalogue. In 2018, we have therefore seen the negative effects of the early stage investment in the buying cycle, albeit supported by increased funding.

"So while DCD Media has continued to make solid progress on acquiring new titles in the catalogue, sales revenue generated from the increased investment into the acquisition of new content in 2017 has yet to be fully realised. Thus despite the high levels of acquisition, the revenue figures for H1 2018 are lagging behind the previous year.

"However, the prospects remain positive for the remainder of the year, after a challenging start, with improved sales in the post period and a return to normalised trading with levels of sales which are likely to come back into line with the previous year's sales performance.

"The business reports an adjusted pre-tax profit of GBP0.1m and top line revenue of GBP3.4m (2017: GBP4.7m) which was suppressed by the lag effect mentioned above as we further invest in new programming to build a business with sustained profitability. The DCD Rights senior management team has responded well to the challenge to increase the catalogue in quality and depth through additional hours on offer, however the perennial challenge is to source high quality content which is marketable quickly and this can only be achieved by building long-term strong relationships with successful independent producers.

"It is also worth noting that a sizeable portion of the DCD Rights income is earned in US Dollars. Over recent years, the exchange rate movements have been favourable for the Company, however, the strengthening of GBP against the USD over H1 2018 has led to an exchange rate loss for the current period. The underlying financial performance has been broadly consistent if foreign exchange gains and losses are removed from both current and prior periods.

"We are seeing strong traction from the catalogue in the latter part of the summer, with a number of larger deals with long-standing customers having been completed post period end.

"The Company remains confident in the rights and licencing business' underlying momentum, despite the weaker than anticipated sales delivery in H1 2018. DCD Rights has secured a number of large acquisition deals which bolsters the Board's confidence that the catalogue remains attractive and we have tangible evidence of this progress post period end.

"We have always assumed the scale-up journey might not always be a smooth one, however, with strong commitment from Back Catalogue Distribution, and with continued support from Timeweave, we look forward to both top and bottom line growth as the Company continues its period of expansion and growth in global sales of its burgeoning catalogue."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information please contact:

Lucy Pryke

Investor Relations/ Media Relations

DCD Media plc

Tel: +44 (0)20 3869 0190

ir@dcdmedia.co.uk

Stuart Andrews, Carl Holmes and Giles Rolls

finnCap

Tel: +44 (0)20 7220 0500

Executive Chairman's Statement

This announcement presents the unaudited interim results for the Group for the six months ended 30 June 2018.

In spite of a relatively weak start to the year, the business is likely to keep pace with sales levels seen in 2017 of c. GBP10m. The Board is pleased that we have established the underlying pillars for growth in the business, namely increased funding from a strong funding partner and a platform for exploitation of TV rights in global markets.

The funding partnership with Back Catalogue Distribution independent programming fund has increased its commitment to DCD Rights by driving more programming through the cycle. The Back Catalogue Distribution Board has also supported investment co-production arrangements to essentially build longer-term relationships with independent producers.

The robust platform, which is a key strength of the business, is essentially driven through people skills and expertise. Led by DCD Rights CEO Nicky Davies Williams and MD, Steve Ayton, the team have become well-established and have demonstrated their ability to increase sales over the last five years or so.

The team have also developed their own proprietary technology as a backbone for the tracking, distribution and invoicing of their content, and again this has proved to be a reliable asset over the last few years.

As the business continues to scale-up, we are pleased to report a number of notable content achievements in the first half of the year.

We are pleased to report once again that in H1 2018, DCD Media's proprietary formats, continue to perform well.

The evergreen Bridezillas franchise with WE TV has seen further success. Currently in season 11, WE TV confirmed after the period end the renewal of a further season of 10 hour-long episodes to deliver in 2019. After its successful reboot and with the addition of another season, the popular entertainment series will now comprise a total of over 200 episodes.

Las Vegas magic show, Penn and Teller: Fool Us continues to be a success, as the previously announced fourth season is currently airing and rating well on The CW. Earlier in the year, an 'April Fool Us' special was also announced and premiered in between seasons, proving popular amongst its audiences. A second episode has now been confirmed for 2019.

And another DCD Media jointly owned format, Got What It Takes?, premiered its third season during the first half of the year rating well on CBBC, the BBC's children's television strand.

DCD Rights started the year positively, when the BBC ran the UK premiere of DCD distributed drama Romper Stomper on digital platform BBC Three. The contemporary political thriller was nominated for 'Most Outstanding Mini Series' at the LOGIE's, a celebration of the best of Australian television, as well as receiving nominations for its excellent casting, which included Jacqueline McKenzie, Lachy Hulme and David Wenham.

Following the demand for specific global programming, DCD Rights' Producer Support Initiative green lit a brand new factual crime series, 21(st) Century Serial Killer. Produced by FirstLookTV and with the commercial help from DCD Media, this market-tailored series was pre-sold to UKTV's Really Channel prior to its launch to international buyers at MIPTV.

After the success of James Martin's French Adventure, the celebrity chef's second leg of his journey across the US proved popular in a number of presales. James Martin's American Adventure, which premiered on ITV at the start of the year, sold to Asia in a pan-regional deal as well as to Australia, New Zealand, Poland and Hungary. The show was also acquired for DVD and Digital Download in the UK and Eire.

DCD Rights continued to work alongside award-winning factual specialists Tern TV, part of Zinc Media plc, in acquisition of compelling new content. Emergency Helicopter Medics was picked up in a presale deal by Sky TV in New Zealand, followed by a presale for World's Wildest Weather: Caught On Camera, sold to TVNZ. Other programming included Flights From Hell: Caught On Camera, which was secured by Nine Network (Australia), Sky TV (New Zealand), BBC Brit (Poland), TV2 (Denmark), RTL (Netherlands), TV2 (Norway) and Channel 8 (Israel) and Best Laid Plans which headed to broadcasters in Canada and Poland. With the third season launched at MIPTV, the second rating-winning season of The Art Detectives picked up new broadcasters in New Zealand, France and the USA with its headline-grabbing discovery of a lost Rubens masterpiece.

As we look forward to the remainder of the year, we believe sales revenue will largely remain static against last year but with our low-cost structure, the business is expected to show growth as a result of strong investment in the library in the next financial year.

The Board would like to thank our funders and staff for their continued support and wish everyone well for the remainder of 2018.

   1.             Profit and Loss Review 

Revenues for the six months to 30 June 2018 were GBP3.4m (2017: GBP4.7m). Production revenues remain in line with prior years while DCD Rights has decreased by GBP1.5m to GBP2.9m in H1 2018. Revenues are down on the prior year due to a lag effect on the purchasing of programming content. As mentioned above, the investments are at an early stage and we expect sales from these to increase as they mature and accordingly contribute in H2 2018 and into the coming financial year.

We continue to benefit from funding support from our existing finance provider and our major shareholder, Timeweave. The funding support both funders have provided allows us to be competitive in the tender process for new titles and content, while we add to our burgeoning catalogue.

Adjusted profit before tax was GBP0.11m (2017: GBP0.49m), resulting in an adjusted gain per share for the period of 5p (2017: 22p). The Group's statutory profit after tax was GBP0.08m (2017: GBP0.33m).

Adjusted profit or loss before tax (PBT) is the measure used by the Group to indicate operating performance and aims to reflect normalised trading before exceptional, restructuring items and non-cash impairment charges, but after net finance costs. The change in PBT is largely down to decreased sales due to timing of DCD Rights income and contract completion.

A reconciliation of the Group's operating profit to Adjusted Profit before Tax and Earnings before Interest Tax Depreciation and Amortisation (EBITDA) is shown below:

 
                                                   Unaudited         Unaudited 
                                              6 months ended    6 months ended 
                                                30 June 2018      30 June 2017 
                                                       GBP'm             GBP'm 
 
 Operating profit per accounts                          0.11              0.30 
 
 Add: Net amortisation and capitalisation 
  of programme rights                                      -              0.02 
 Add: Impairment of programme rights                       -                 - 
 Add: Amortisation of trade names                          -              0.21 
 Add: Depreciation                                      0.02              0.03 
 
 EBITDA                                                 0.13              0.56 
 
 Add: Restructuring income                                 -            (0.03) 
 
 Adjusted EBITDA                                        0.13              0.53 
 
 Less: Net financial expense                               -            (0.01) 
 Less: Depreciation                                   (0.02)            (0.03) 
 
 Adjusted PBT                                           0.11              0.49 
------------------------------------------  ----------------  ---------------- 
 
   2.             Balance Sheet Review 

Intangible assets as at 30 June 2018 stood at GBP1.0m (2017: GBP1.1m). The balance as at 31 December 2017 was GBP1.0m and details of the movement from December 2016 was explained in the results for the year ended 31 December 2017. There has been no movement in intangible assets within the six month period to 30 June 2018. In the six month period to June 2017 there was GBP0.2m amortisation of trade names and impairment of programme rights of GBP0.02m.

Trade and other receivables and trade and other payables at GBP10.2m (2017: GBP9.7m) and GBP10.3m (2017: GBP9.8m) respectively. While debtors are up on the same period last year they are down from the year end position of GBP10.9m. Increase in creditors due to timing of producer payments, this is partly off-set by the increase in cash held.

Cash on hand at the period end stood at GBP1.9m (FY2017: GBP1.3m). The majority of the Group's cash balances represent working capital commitment in relation to programme making and cash held in DCD Rights' client accounts and therefore is not all considered to be free cash.

Bank overdrafts are secured by a fixed charge over the Group's intangible programme rights and a floating charge over the remaining assets of the Group. The bank overdraft facility of GBP150k (reduced from GBP175k at 31 December 2017) has been extended to the 30 November 2018 and is repayable on demand. The Directors expect an overdraft facility to be available to the Group for the foreseeable future.

The total convertible loan debt at 30 June 2018 stood at GBP0.1m (2017: GBP0.1m) including accrued interest. The balance as at 31 December 2017 was GBP0.1m.

At the end of 2016, the Group had accrued GBP0.9m of recharges including VAT for director, management and financial services from Timeweave Ltd ("Timeweave"), its major shareholder. In 2017, the Group was recharged GBP0.2m which has been repaid. A further GBP0.2m has been repaid over 2018 against the balance before a further recharge of GBP0.1m being made to cover the first half of 2018. As at 30 June 2018 the balance payable to Timeweave is GBP0.8m. The Group aims to repay management charges as they fall due going forward while aiming to repay the remaining outstanding balance as and when this is possible.

The amounts recoverable from HMRC in relation to VAT and social security stood at GBP0.1m (2017: GBP0.1m).

There is a tax charge of GBP32k (2017: GBPNil) recognised in the period in relation to 31 December 2017 profits. No deferred tax asset has been recognised in relation to these losses.

Called up share capital has not changed, being GBP12.3m at 30 June 2017, 31 December 2017 and 30 June 2018.

No interim dividend is proposed for the period. Adjusted earnings per share are disclosed in note 3 to the interim financial statements.

   3.             Substantial shareholdings 

As at 26 September 2018, the following notifications had been made by holders of beneficial interests in 3% or more of the Company's issued ordinary share capital as follows:

 
                    No. of GBP1 ordinary 
                                  shares       % 
-----------------  ---------------------  ------ 
 Timeweave Ltd                 1,818,377   71.55 
 Lombard Odier *                 664,728   26.16 
-----------------  ---------------------  ------ 
 

*Lombard Odier means Lombard Odier & Co Limited and certain funds managed by any Lombard Odier Group.

   4.             Review of operational activities 

The Group consists of two key divisions: rights and licensing, and production. The post-production division, Sequence Post Limited, ceased trading in 2017.

Rights and Licensing

DCD Rights' catalogue now represents some significant long running series that have continued to perform well in the period. Popular Australian series, Aussie Gold, launched a third season, bringing the franchise up to 31 hours in total. New seasons were acquired by Viasat for Scandinavia and Eastern Europe. The US Coast Guard series, which runs to a total of 68 episodes, was acquired for the Alaska seasons by Discovery Italy, and Mama June season 2 was acquired by Discovery Australia and New Zealand, as well as Africa. Marriage Bootcamp, launched season 9, whilst seasons 6, 7 and 9 were acquired by MNET for Africa and A&E acquired season 8 as well as Bridezillas 11 for South Africa and sub-Saharan Africa. In drama, three season series Janet King, launched season 1 into Spain as well as season 3 sales to Plator for Middle East and Africa whilst Rake Season 5 was acquired for US rights by Acorn.

DCD Rights attended MIP TV in April 2018 with a strong acquisitions team who were successful in securing the rights for 6 new factual series to deliver later in the year for October release. The sales team launched a second season of top rating Australian crime thriller, Jack Irish, starring Guy Pearce, and well as Striking Out, our new Irish drama now in season 2. Our new co-production crime series 21(st) Century Serial Killer, pre-sold to the History Channel in Spain, and is expected to premiere on UK TV channel Really, later this year.

As mentioned in the Annual Results in June we have a number of block international deals with SVOD channels in the pipeline and this remains the case as at the date of signing with several under negotiation. It is expected these will make a contribution in H2 2018 revenue accordingly.

Production

DCD Media's production subsidiary September Films (in a co-production with 1/17 Productions) transmitted the fourth series of Penn & Teller: Fool Us in Vegas in H1 2018 for The CW Network in the USA. Furthermore, Rize USA's hugely popular talent show for teenagers Got What It Takes? aired on CBBC in early 2018. The Group continues to focus on its key production franchises that includes these titles.

   5.             Outlook 

The market back-drop for DCD Media remains very exciting and vibrant as the SVOD market continues to grow globally, challenging established TV businesses which is stimulating demand for high quality, original TV programming.

DCD Rights has worked with its core funders over the last 18 months by demonstrating strong returns to its investors which has led to further investments being committed to the DCD Media catalogue. As digital platforms deliver more and more television programming via broadband networks, and traditional TV remains robust, we see DCD Media as a well-placed content provider to deliver capacity because it has always focused on quality content within its this party licensed library.

In the near-term, it is important that DCD Media grows to a level of scale in this marketplace which will allow the business to exploit the opportunities in an expanding addressable market.

The outlook for DCD Media remains positive as we expect the recent investment in programming to bear fruit in future periods.

David Craven

Executive Chairman

27 September 2018

 
                                                        Unaudited   Unaudited       Audited 
                                                         6 months    6 months 
                                                               to          to       Year to 
                                                          30 June     30 June   31 December 
                                                             2018        2017          2017 
                                                 Note     GBP'000     GBP'000       GBP'000 
----------------------------------------------  -----  ----------  ----------  ------------ 
 Revenue                                                    3,369       4,686        10,243 
 
 Cost of sales                                            (2,392)     (3,314)       (7,708) 
 Impairment of programme rights                                 -        (18)          (13) 
 
 Gross profit                                                 977       1,354         2,522 
 
 Administration expenses: 
 - Other administrative expenses                            (920)       (884)       (1,792) 
 - Impairment of goodwill and trade 
  names                                                         -           -             - 
 - Amortisation of goodwill and trade 
  names                                                         -       (210)         (209) 
 - Restructuring costs                                          -          30             - 
 
 Total administrative expenses                              (920)     (1,064)       (2,001) 
 
 Other income                                                  22           -             - 
 
 Operating profit                                              79         290           521 
 
 Finance costs                                                (3)         (9)           (2) 
 
 Profit before taxation                                        76         281           519 
 
 Taxation - current                                 2        (32)          40            40 
 
 Profit for the period from continuing 
  operations                                                   44         321           559 
----------------------------------------------  -----  ----------  ----------  ------------ 
 
 Profit / (loss) on discontinued operations 
  net of tax                                                   35           7         (137) 
 
 Profit for the period                                         79         328           422 
----------------------------------------------  -----  ----------  ----------  ------------ 
 
 Profit attributable to: 
 Owners of the parent                                          79         328           422 
                                                               79         328           422 
----------------------------------------------  -----  ----------  ----------  ------------ 
 
 Earnings per share attributable to the equity holders of the Company 
  during the period (expressed as pence per share) 
 Basic profit per share from continuing 
  operations                                                   2p         13p           22p 
 Basic earnings per share from discontinued 
  operations                                                   1p           -          (5p) 
 Total basic profit per share                                  3p         13p           17p 
----------------------------------------------  -----  ----------  ----------  ------------ 
 
 Diluted profit per share from continuing 
  operations                                                   2p         13p           21p 
 Diluted earnings per share from discontinued 
  operations                                                   1p           -          (5p) 
 Total diluted profit per share                                3p         13p           16p 
----------------------------------------------  -----  ----------  ----------  ------------ 
 
 
 
 
                                               Unaudited   Unaudited       Audited 
                                                6 months    6 months 
                                                      to          to       Year to 
                                                 30 June     30 June   31 December 
                                                    2018        2017          2017 
                                                 GBP'000     GBP'000       GBP'000 
-------------------------------------------   ----------  ----------  ------------ 
 
 Profit                                               79         328           422 
 
 Other comprehensive income 
 Exchange gain arising on translation 
  of foreign operations                                -           -             - 
 
 Total other comprehensive income                      -           -             - 
 
 Total comprehensive income                           79         328           422 
--------------------------------------------  ----------  ----------  ------------ 
 
 Total comprehensive expenses attributable 
  to: 
 Owners of the parent                                 79         328           422 
 
                                                      79         328           422 
 -------------------------------------------  ----------  ----------  ------------ 
 
 
                                          Unaudited   Unaudited       Audited 
                                            30 June     30 June   31 December 
                                               2018        2017          2017 
                                            GBP'000     GBP'000       GBP'000 
--------------------------------------   ----------  ----------  ------------ 
 Assets 
 Non-current 
 Goodwill                                     1,017       1,017         1,017 
 Other intangible assets                         19          38            19 
 Property, plant and equipment                   42          74            35 
 Trade and other receivables                     78         124            64 
 
                                              1,156       1,253         1,135 
 --------------------------------------  ----------  ----------  ------------ 
 Current assets 
 Trade and other receivables                 10,190       9,611        10,937 
 Taxation and social security                    85         141             - 
 Cash and cash equivalents                    1,908       1,733         1,323 
 
                                             12,183      11,485        12,260 
 --------------------------------------  ----------  ----------  ------------ 
 Liabilities 
 Current liabilities 
 Bank overdrafts                                  -        (63)             - 
 Bank and other loans                             -        (32)             - 
 Unsecured convertible loan                    (76)        (70)          (73) 
 Trade and other payables                  (10,256)     (9,771)      (10,378) 
 Taxation and social security                  (32)           -          (48) 
 
                                           (10,364)     (9,936)      (10,499) 
 --------------------------------------  ----------  ----------  ------------ 
 
 Net assets                                   2,975       2,802         2,896 
---------------------------------------  ----------  ----------  ------------ 
 
 Equity 
 Called up share capital                     12,272      12,272        12,272 
 Share premium account                       51,215      51,215        51,215 
 Equity element of convertible loan               1           1             1 
 Own shares held                               (37)        (37)          (37) 
 Retained earnings                         (60,476)    (60,649)      (60,555) 
 
 Equity attributable to owners of the 
  parent                                      2,975       2,802         2,896 
 
 Total equity                                 2,975       2,802         2,896 
---------------------------------------  ----------  ----------  ------------ 
 
 
                                                       Unaudited   Unaudited 
                                                        6 months    6 months        Audited 
                                                           ended       ended     Year ended 
                                                         30 June     30 June    31 December 
                                                            2018        2017           2017 
 Cash flow from operating activities including 
  discontinued operations                                GBP'000     GBP'000        GBP'000 
----------------------------------------------------  ----------  ----------  ------------- 
 
 Net profit before taxation                                  111         288            382 
 Adjustments for: 
 Depreciation of tangible assets                              15          28             47 
 Amortisation and impairment of intangible 
  assets                                                       -         228            246 
 Net bank and other interest charges                           3           9              2 
 
 Net cash flows before changes in working 
  capital                                                    128         553            677 
 
 Increase/(decrease) in trade and other receivables          646       (703)        (1,793) 
 (Decrease)/increase in trade and other payables           (165)       (241)            387 
 
 Cash from continuing operations                             609       (391)          (729) 
 
 Cash flow from discontinued operations 
----------------------------------------------------  ----------  ----------  ------------- 
 
 Net profit/(loss) before taxation                            35           -          (137) 
 Adjustments for: 
 (Profit)/loss on discontinued operations                   (35)           -            137 
----------------------------------------------------  ----------  ----------  ------------- 
 Net cash flows before changes in working 
  capital                                                      -           -              - 
 
 
 Interest paid                                               (3)         (9)            (2) 
 
 Net cash flows from operating activities                    606       (400)          (731) 
 
 Investing activities 
 Sale of property, plant and equipment                         -           -             13 
 Purchase of property, plant and equipment                  (21)         (8)            (4) 
 Purchase of intangible assets                                 -           -              - 
 
 Net cash flows used in investing activities                (21)         (8)              9 
 
 Financing activities 
 Repayment of finance leases                                   -        (22)           (23) 
 Repayment of loan                                             -       (101)          (133) 
 
 Net cash flows from financing activities                      -       (123)          (156) 
 
 Net increase/(decrease) in cash                             585       (531)          (878) 
 
 Cash and cash equivalents at beginning of 
  period                                                   1,323       2,201          2,201 
 
 Cash and cash equivalents at end of period                1,908       1,670          1,323 
----------------------------------------------------  ----------  ----------  ------------- 
 
 
                  Share    Share       Equity  Translation           Retained        Equity          Amounts    Total 
                capital  premium      element    reserve             earnings  attributable     attributable   equity 
                                           of                                     to owners               to 
                                  convertible                 Own                    of the  non-controlling 
                                         loan                Shares                  parent         interest 
                                                              Held 
                GBP'000  GBP'000      GBP'000      GBP'000  GBP'000   GBP'000       GBP'000          GBP'000  GBP'000 
--------------  -------  -------  -----------  -----------  -------  --------  ------------  ---------------  ------- 
Balance at 
 30 June 2016    12,272   51,215            1        (174)     (37)  (61,244)         2,033               24    2,057 
--------------  -------  -------  -----------  -----------  -------  --------  ------------  ---------------  ------- 
 
Profit and 
 total 
 comprehensive 
 income for 
 the period           -        -            -            -        -       477           477             (24)      453 
Exchange 
 differences 
 on 
 translating 
 foreign 
 operations           -        -            -         (36)        -         -          (36)                -     (36) 
Movement 
 between 
 reserves             -        -            -          210        -     (210)             -                -        - 
 
Balance at 
 31 December 
 2016            12,272   51,215            1            -     (37)  (60,977)         2,474                -    2,474 
--------------  -------  -------  -----------  -----------  -------  --------  ------------  ---------------  ------- 
 
Profit and 
 total 
 comprehensive 
 income for 
 the year             -        -            -            -        -       328           328                -      328 
 
Balance at 
 30 June 2017    12,272   51,215            1            -     (37)  (60,649)         2,802                -    2,802 
--------------  -------  -------  -----------  -----------  -------  --------  ------------  ---------------  ------- 
 
Profit and 
 total 
 comprehensive 
 income for 
 the period           -        -            -            -        -        94            94                -       94 
 
Balance at 
 31 December 
 2017            12,272   51,215            1            -     (37)  (60,555)         2,896                -    2,896 
--------------  -------  -------  -----------  -----------  -------  --------  ------------  ---------------  ------- 
 
Profit and 
 total 
 comprehensive 
 income for 
 the period           -        -            -            -        -        79            79                -       79 
 
Balance at 
 30 June 2018    12,272   51,215            1            -     (37)  (60,476)         2,975                -    2,975 
--------------  -------  -------  -----------  -----------  -------  --------  ------------  ---------------  ------- 
 
 

Nature of operations and general information

During the period, the principal activity of DCD Media Plc and subsidiaries (the Group) was the worldwide distribution of programmes for television and other media; the Group also distributes programmes on behalf of other independent producers.

DCD Media Plc is the Group's ultimate parent company, and it is incorporated and registered in England and Wales. The address of DCD Media Plc's registered office is 9th Floor, Winchester House, 259 - 269 Old Marylebone Road, London, NW1 5RA, and its principal place of business is London. DCD Media Plc's shares are listed on the Alternative Investment Market (AIM) of the London Stock Exchange.

DCD Media Plc's condensed consolidated interim financial statements are presented in Pounds Sterling (GBP), which is also the functional currency of the parent company.

These condensed consolidated interim financial statements have been approved for issue by the Board of Directors on 27 September 2018.

The financial information in the half yearly report has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively Adopted IFRSs). The principal accounting policies used in preparing the half yearly report are those the Group expects to apply in its financial statements for the year ending 31 December 2018 and are unchanged from those disclosed in the Group's Directors' Report and consolidated financial statements for the year ended 31 December 2017. This interim report has neither been audited nor reviewed pursuant to guidance issued by the Audit Practice Board.

The financial information for the six months ended 30 June 2018 and the six months ended 30 June 2017 is unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 31 December 2017 has, however, been derived from the audited statutory financial statements for that period. A copy of those statutory financial statements has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified.

While the financial figures included in this half-yearly report have been computed in accordance with IFRSs applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as that term is defined in IAS 34.

   1.             Basis of preparation 

These interim condensed consolidated financial statements (the Interim Financial Statements) are for the six months ended 30 June 2018. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2017.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these interim financial statements and remain unchanged form those set out in the previous audited consolidated financial statements.

Basis of preparation - Going Concern

In considering the going concern basis of preparation of the Group's financial statements, the Board have prepared profit and cash flow projections which incorporate reasonably foreseeable impacts of the ongoing challenging market environment.

The Directors' forecasts and projections, which make allowance for reasonably possible changes in its trading performance, show that, with the ongoing support of its lenders and its bank, the Group can continue to generate cash to meet its obligations as they fall due.

The Directors, after making enquiries, have a reasonable expectation that the Company and the Group will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

The financial statements do not include the adjustments that would result if the Group or Company were unable to continue as a going concern.

   2.             Tax 

There is a tax charge of GBP32k (2017: GBPNil) recognised in the period in relation to 31 December 2017 profits. No deferred tax asset has been recognised in relation to brought forward losses within group companies.

   3.             Profit per share 

The calculation of the basic profit per share is based on the profit attributable to ordinary shareholders divided by the average number of shares in issue during the period.

 
                                       6 months    6 months 
                                             to          to 
                                        30 June     30 June 
                                           2018        2017 
                                        GBP'000     GBP'000 
-----------------------------------  ----------  ---------- 
 Profit attributable to ordinary 
  shareholders: 
 Basic                                       79         328 
 Adjusted basic profit                      111         486 
-----------------------------------  ----------  ---------- 
 Weighted average number of shares 
  in issue:                                 No.         No. 
 Basic                                2,541,419   2,541,419 
-----------------------------------  ----------  ---------- 
 
 Profit per share (pence): 
 Basic                                        3          13 
 Adjusted basic                               5          22 
-----------------------------------  ----------  ---------- 
 
   4.             Dividends 

The Directors do not propose to recommend the payment of a dividend.

   5.             Publication of non-statutory accounts 

Copies of the Interim Financial Statements are available from the registered office of DCD Media Plc or from the website - www.dcdmedia.co.uk. The address of the registered office is: 9(th) Floor, Winchester House, 259-269 Old Marylebone Road, London, NW1 5RA.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IR EASNXADKPEFF

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September 28, 2018 02:00 ET (06:00 GMT)

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