TIDMADF
RNS Number : 7851P
Facilities by ADF plc
14 February 2023
14 February 2023
Facilities by ADF plc
("ADF", the "Company" or the "Group")
Full year trading update and notice of results
Strong trading delivering on all areas of growth strategy
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 full year
ended 31 December 2022 ("FY22").
ADF delivered a strong performance during its first full year as
a listed business, with high levels of fleet utilisation during the
period, and as such, the Board anticipates FY22 results will be in
line with current market expectations. ADF raised GBP15m at IPO in
January 2022 and to date has invested GBP8.9m in new revenue
generating fleet. Capital expenditure spend is likely to be at the
same level in 2023 as the Group looks to keep up with demand and
drive further growth.
Revenue for the year is expected to be GBP31.4m (FY21 GBP27.7m)
and adjusted EBITDA GBP7.9m (FY21 GBP7.7m) reflecting the continued
positive momentum across the business in H2-FY22.
The distribution of productions in H1-FY22 saw a larger number
of shorter productions (46 in total) more geographically spread
than in H1-FY21, resulting in additional budgeted transport costs
for moving equipment between productions. In H2-FY22 ADF worked on
30 productions that were larger and more clustered around London.
Overall, from the 76 productions for the year (FY21 39 productions)
the Group generated an average revenue value of GBP390k per
production (FY21 GBP682K). The FY23 order book indicates a
continuation of the H2-FY22 trend, with larger productions with a
higher revenue per job. Productions included The Crown season 5,
Slow Horses, Everything I know about Love, The Sandman, Marvels
Secret Invasion, I Hate Suzie, Sex Education, Happy Valley,
Troubled Blood and A Spy Amongst Friends to name a few.
In response to the increased demand for ADF's services, the
Group expanded its geographical reach to ensure it could continue
to deliver a high level of service for its customers and partners.
Highlights included expansion into Scotland, with the opening of a
new office at Pioneer Film Studios, to serve the growing number of
global production companies filming in the region, and the doubling
of capacity at its Bridgend manufacturing facility.
In November 2022, ADF successfully completed the acquisition of
Location One Ltd, the UK's largest integrated TV and film location
service and equipment hire company, and integration is progressing
as planned and the acquisition performing in line with management's
expectations. The acquisition will enable further expansion across
the UK and brings highly complementary services to ADF which
provide a wealth of cross selling opportunities to the enlarged
Group, as well as deliver efficiencies through central services.
The Board believes that this is a significant step in becoming the
premium one-stop-shop for film and HETV.
The Group has now opened its new flagship five-acre operational
hub at Longcross, Surrey. The site is perfectly located to serve
all major studios near Longcross, including Shepperton Studios,
Pinewood Studios, Leavesden Studios, and Elstree studios. The new
sites demonstrate ADF's commitment to its growth strategy and
reflects the increased demand for the Group's services.
Outlook
Market dynamics remain strong, with continued robust demand for
film and high-end television in the UK and as a result, the Group's
2023 order book continues to grow. In 2022, a record GBP6.7 billion
was spent on HETV production in the UK, up 11.1% on 2021 and as
such, the Group remains confident of further success.
The healthy underlying growth of the enlarged Group provides the
management team with the confidence to invest in its people and
offering, while successfully managing the inflationary environment
within budget.
The Group is currently taking orders for Q4 FY23, and looking
ahead the order book remains strong with increasing revenue
visibility.
With a healthy sales pipeline, growing network of contacts, and
positive market backdrop, the Board is confident that the Group's
progress over the last year is set to continue in the coming
year.
Notice of results
The Group expects to announce its audited full year results in
May 2023.
Marsden Proctor, CEO, said:
"I am incredibly proud of the successes achieved during our
first full year as a listed business by our fantastic team, against
a challenging economic backdrop. We delivered on our growth
strategy through the successful acquisition of Location One,
substantial investment in our fleet and geographic expansion across
the UK.
"The prospects for ADF are increasingly positive and we have
entered FY23 in a very strong position with considerable momentum
across the business. We have a growing addressable market, an
expanding network of contacts, an enhanced offering and a
high-quality business model driving growth in Group revenue. These
factors, coupled with a strong order book, underpin the Board's
confidence in the long-term success of ADF."
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
Ben Jeynes / Max Gould / George Lawson - 8900
Corporate Finance
Alex Pollen - Sales
Alma PR (Financial PR) Tel: +44 (0)20 3405
Josh Royston 0205
Hannah Campbell facilitiesbyadf@almapr.co.uk
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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTSFSFADEDSEFE
(END) Dow Jones Newswires
February 14, 2023 02:00 ET (07:00 GMT)
Facilities By Adf (LSE:ADF)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Facilities By Adf (LSE:ADF)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024