Facilities by ADF PLC saw it shares tumble on Tuesday as it reported significant delays to it sales production pipeline.
The Bridgend, Wales-based provider of serviced production facilities to the UK film and television industry said that following the conclusion of macroeconomic events in the UK and the US, a host of productions expected to commence in the second-half of 2024 will now begin in the first-half of 2025.
ADF added that some productions will not proceed at all.
The firm said that both funding and production progress had been initially affected by delays due to prevailing uncertainty surrounding the UK budget and US election, as it saw production commitment decisions pushed back.
ADF shares were down 42% at 30.40 pence on Tuesday afternoon in London.
The firm said it now expects to report revenue and adjusted earnings before interest, tax, depreciation and amortisation figures for 2024 inline with that of 2023.
This includes revenue of approximately £35 million and adjusted Ebitda of between £7.3 million and £8.0 million.
ADF expressed confidence in 2025 trading in light of its updated pipeline and stated that it expects to continue its progressive dividend policy for 2024.
Facilities by ADF Chief Executive Marsden Proctor said: ‘ADF has worked incredibly hard across the year to win work, in a challenging market and deliver exceptional customer service.
‘However, the impact on funding and greenlighting of productions across the remaining part of the second-half of the year, following the speculation around the Autumn Budget and US Elections, has been extremely frustrating.
‘Whilst the high level of deferred work has impacted our results for FY24, some of this will push into FY25, in addition to all the other exciting productions we are in discussions with.’
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