Videndum PLC - London-based provider of hardware and software for broadcasters, film studios and other media content creators - Says it expects £280 million in full-year revenue, adding that the recovery in its markets has been ‘slower than expected’. Anticipates a £25 million exceptional charge against its adjusted continuing operating profit. Before this one-off charge, expects to break-even. Says lending banks remain supportive of the business and that it is ‘seeing some signs of gradual improvement’ in the markets, which it expects to benefit trading in the first half of 2025. Expects around £135 million in net debt at the year’s end, including about £30 million in lease liabilities. Lending banks have amended its December covenants to an interest cover of at least 1.25 times earnings before, interest, tax, depreciation and amortisation and leverage of at least 5.5 times Ebitda. Videndum’s revolving credit facility expires in August 2026, but it is ‘actively working’ with lenders to secure an extension or refinancing during the first half. Also, Videndum says it is 80% through implementation of its £10 million strategic cost-saving programme, though ‘minimal’ savings will be realised from this for the current year.
Current share price: 205.50 pence, down 20% on Monday
12-month change: down 41%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
