Trading Update

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   Marsden Proctor, Chief Executive Officer   Neil Evans, Chief Financial Officer   John Richards, Chairman	via Alma PR
Cenkos (Nominated Adviser and Broker)   Ben Jeynes / Max Gould / George Lawson - Corporate Finance   Alex Pollen - Sales	Tel: [phone]
Alma PR (Financial PR)   J osh Royston   Andy Bryant   John Coles   Hannah Campbell	Tel: [phone] [e-mail]

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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