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Videndum plc announced on 8 August 2023 that the release of its Half Year Results for the six-month period ended 30 June 2023, originally due on 10 August 2023, has been delayed until September as more time is required to finalise financial reporting. The company also agreed covenant amendments with its banks for December 2023, increasing the net debt to EBITDA ratio from 3.25x to 4.25x and lowering interest cover from 4.0x to 3.0x, and for June 2024, raising net debt to EBITDA from 3.25x to 3.75x and lowering interest cover from 4.0x to 3.25x.
| Date | 8 Aug 2023 |
| Time | 07:00:07 |
| Category | Results |
| ID | 5681I |
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
8 August 2023
Videndum plc
Revision of Half Year Results Date
Videndum plc ("the Company" or "the Group"), the international provider of premium branded hardware products and software solutions to the content creation market, announces that the release of its results for the six-month period ended 30 June 2023 ("Half Year Results"), due on 10 August 2023, has been delayed because more time is required to finalise its half year financial reporting.
As previously highlighted, financial performance for the six-month period ended 30 June 2023 has been significantly impacted by ongoing macroeconomic headwinds, the effects of destocking and compounded by the US writers' strike1. Management continues to be focused on protecting profit and preserving cash while seeking to ensure we are well placed for recovery once the Strikes2 are over.
The Board's expectations for H1 2023 are broadly unchanged. Net debt to EBITDA3 is expected to be within our covenants and looking forward, given our strong relationships with our banks, we have agreed covenant amendments for December 2023 (ratio of net debt to EBITDA3 increased from 3.25x to 4.25x and interest cover4 lowered from 4.0x to 3.0x) and for June 2024 (ratio of net debt to EBITDA3 increased from 3.25x to 3.75x and interest cover4 lowered from 4.0x to 3.25x).
We expect to release the Half Year Results during September. A further announcement of a revised date will be made in due course.
Notes
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The Writers' Guild of America ("WGA") combines two different US labour unions representing TV and film writers in New York and Los Angeles, and called a strike on 2 May 2023. |
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"The Strikes" combine the above WGA strike and the strike called on 3 July 2023 by The Screen Actors Guild and the American Federation of Television and Radio Artists ("SAG-AFTRA"). |
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Net debt is stated before arrangement fees and after leases of discontinued operations; EBITDA is based on adjusted EBITDA for the applicable 12-month period, before non-cash share-based payment charges; and after interest on employee benefits and FX movements, and the amortisation of arrangement fees. |
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Interest cover is calculated as adjusted EBITA for the applicable 12-month period (being adjusted EBITDA less depreciation of PP&E) divided by adjusted net finance expense (before interest on employee benefits and FX movements, and the amortisation of arrangement fees). |
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This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of Videndum plc is Jon Bolton, Group Company Secretary.
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For more information please contact: |
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Videndum plc |
Telephone: 020 8332 4602 |
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Stephen Bird, Group Chief Executive |
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Andrea Rigamonti, Group Chief Financial Officer |
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Jennifer Shaw, Group Communications Director |
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Notes to Editors:
Videndum is a leading global provider of premium branded hardware products and software solutions to the content creation market. We are organised in three Divisions: Videndum Media Solutions, Videndum Production Solutions and Videndum Creative Solutions.
Videndum's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators ("ICC"), gamers, professional musicians and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags, backgrounds, motion control, audio capture, and noise reduction equipment.
We employ around 1,800 people across the world in 11 different countries. Videndum plc is listed on the London Stock Exchange, ticker: VID.
More information can be found at: https://videndum.com/
LEI number: 2138007H5DQ4X8YOCF14