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.

 

6 August 2025

Videndum plc

2025 Half Year Results

 

Results
	H1 2025	H2 2024	H1 2024
Continuing operations¹
Revenue	£115.4m	£127.4m	£153.3m
Adjusted operating (loss)/ profit*	£(7.0)m	£(29.2)m	£11.0m
Adjusted operating margin*	(6.1)%	(22.9)%	7.2%
Adjusted (loss)/profit before tax*	£(14.3)m	£(31.9)m	£6.9m
Adjusted operating cash flow*	£(0.6)m	£(1.4)m	£18.2m
Free cash flow*	£(13.3)m	£(10.6)m	£15.1m
Net debt*	£137.7m	£133.0m	£117.3m
Statutory results from continuing and discontinued operations¹
Revenue	£115.9m		£154.9m
Operating loss	£(17.0)m		£(9.2)m
Operating margin	(14.7)%		(5.9)%
Loss before tax	£(20.1)m		£(13.4)m
Loss per share	(21.6)p		(13.6)p

Financial summary

-	Revenue 25% lower than H1 2024 and 9% lower than H2 2024.
-	Adjusted operating loss* of £7.0 million; £3.9 million improvement on H2 2024 when £18.3 million of one-off charges in H2 2024 are excluded2.
-	Statutory loss before tax of £20.1 million; 50% higher than in 2024.
-	Adjusted operating cash outflow* of £0.6 million benefiting from £4.7 million reduction in trade working capital.
-	Net debt* at 30 June 2025 of £137.7 million (31 December 2024: £133.0 million).
-	RCF covenants successfully reset in April 2025 through to the end of the facility in August 2026. June EBITDA and liquidity covenants met.
-	Discussions with lenders ongoing.
-	Financial statements prepared on a going concern basis with material uncertainty, consistent with the approach taken since the FY 2023 results.

 

Key achievements

-	We remain on course for c.£15 million FY 2025 savings, with c.£6 million already achieved in H1 2025. Additional cost savings being implemented in H2 2025 raise our annualised 2025 exit rate of savings to c.£19 million.
-	Order book continues to build, but US shipments restrained due to uncertainty in North America.
-	Cost impact of US tariffs largely passed on.
-	Gross equity of £8.0 million raised in April 2025.
-	Amimon Israeli business sold in April 2025 with the intellectual property retained.
-	Manfrotto ONE, 'new to world' hybrid tripod, successfully launched.

 

 

Commenting, Stephen Harris, Executive Chairman, said:

"Group revenues were weaker in Q2 2025 than the Board's expectations at the time of the FY24 results in April 2025. However, much of the adjusted operating profit impact caused by the revenue shortfall was offset by the restructuring and cost management programmes previously announced.

"Whilst conditions improved month by month through Q1 2025, the ramifications of the United States ("US") trade policies have become clearer during Q2 2025. End user demand in the US is running ahead of sales to Videndum's distribution channels, as importers have been holding off ordering until the tariff situation becomes clearer. This has led to weaker revenues in the United States. Ongoing global macro-economic uncertainty, as well as tariff uncertainty, have also had some impact on revenues outside the US.

"However, end customer sentiment is turning in the independent content creators ("ICC") market and there are increasing signs of pent-up demand in the Cine market. This, in conjunction with the trading environment outlined above, has led to there being a limited amount of inventory in the US. The Group has put in place stocks of long lead time components to ensure it can respond quickly to any increased demand. Consequently, any uptick in end market demand will feed through into revenue with little delay. Allied to the benefit from the restructuring and cost management programmes previously announced, any improvement in revenue in H2 2025 will drop through to operating profit at a significant rate.

"The ongoing uncertain economic environment and the increased trading volatility due to US tariffs has led to a deterioration in the Group's visibility of the potential outcome for FY25.

 

Notes

1	Amimon was sold on 9 April 2025 and is reported as a discontinued operation. Results of discontinued operations can be found in notes 2 and 14 to the condensed financial statements. Amimon was not treated as a discontinued operation at FY 2024 results; H2 2024 revenue above has been restated to treat Amimon as a discontinued operation in FY 2024.
2	H2 2024 adjusted operating loss was £10.9 million when excluding £18.3 million of one-off charges. These non-cash items predominantly related to one-off inventory provision charges and the write-off of intangible assets.
3	H1 2025 average exchange rates: £1 = USD 1.30, £1 = EUR 1.19, EUR 1 = USD 1.09, £1 = JPY 193
4	H1 2024 average exchange rates: £1 = USD 1.26, £1 = EUR 1.17, EUR 1 = USD 1.08, £1 = JPY 192

The person responsible for arranging the release of this announcement on behalf of Videndum plc is Jon Bolton, Group Company Secretary.

* In addition to statutory reporting, Videndum plc reports alternative performance measures from continuing operations ("APMs") which are not defined or specified under the requirements of International Financial Reporting Standards ("IFRS"). The Group uses these APMs to aid the comparability of information between reporting periods and Divisions, by adjusting for certain items which impact upon IFRS measures and excluding discontinued operations, to aid the user in understanding the activity taking place across the Group's businesses. APMs are used by the Directors and management for performance analysis, planning, reporting and incentive purposes. A summary of APMs used and their closest equivalent statutory measures is given in the Glossary.

 

For more information please contact:
Videndum plc	Telephone: 020 8332 4602
Stephen Harris, Executive Chairman
FTI Consulting Richard Mountain	Telephone: 020 3272 1340

 

An audio webcast and Q&A for Analysts and Investors will be held today, starting at 07:45am UK time. The presentation slides are available on our website.

Users can pre-register to access the webcast and slides using the following link:

https://videndum.com/investors/results-reports-and-presentations/

Notes to Editors:

Videndum is a leading global provider of premium branded hardware products and software solutions to the growing content creation market.

Videndum's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators ("ICCs"), 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, carrying solutions, backgrounds, audio capture, and noise reduction equipment.

We employ around 1,300 people across the world in 9 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

 

H1 2025 management and financial overview

Trading conditions were tough, although end customer sentiment is turning with signs of pent-up demand, with the exception of studio broadcast. The order book continues to build, although US shipments have been restrained due to uncertainty in North America. Consequently sell-out volumes to end customers from our distributors has been higher than the sell-in orders that we have received from those distributors.

End user sentiment is improving in the ICC market, with trade show attendances as much as three times that in 2024. Interchangeable Lens Cameras shipments show strong growth, particularly Compact System Cameras with H1 2025 shipments 22% above H1 2024.

The Cine and Scripted TV market is showing increasing signs of pent-up demand. The number of new productions commencing in North America and the United Kingdom (ÒUKÓ) rose by c.5% from Q1 to Q2, and is forecast to increase by c.80% Q2 to Q3.

The Broadcast market has been broadly flat. Studio broadcast remains weak but sports and outside broadcast is showing growth. Our new venture into the public safety market with Teradek technology is gaining excellent traction; with US public safety budgets expected to improve going forward.

The cost impact of the elevated US tariffs have largely been passed through, and we have also made progress on pricing discipline by reducing the level of discounts offered compared to prior periods. With the tariffs not effective until the second quarter and the subsequent lag to purchasing at new sales prices, the impact on revenue was minimal in H1 2025 but will be more significant from H2 2025 if the tariff impact on the business remains at current levels.

A number of restructuring and cost saving actions were disclosed at the FY 2024 results in April; including headcount reductions associated with reducing divisional management and regional head office structures, as well as the relocation of assembly and manufacturing from the UK Bury St Edmunds site to the Feltre site in Northern Italy and Cartago, Costa Rica. A review of procurement, purchasing and supply chain structures also identified savings.

In H1 2025 the business implemented further restructuring activities to manage liquidity and improve the future cost base of the business. The most significant of these included the planned closure of the UK Ashy-de-la Zouch site with manufacturing outsourced or moved to Feltre and storage to Bury St Edmunds. Other initiatives will lead to a simplification of operations in China and reduction of engineering resource in the United States. Accordingly, the cost savings target for 2025 of c.£15 million in 2025 remains on-track (having delivered c.£6 million of savings in H1 2025) with an annualised 2025 exit rate of saving now c.£19 million.

Our focus remains on delivering innovative new products. At the B&H Bild Expo in June 2025 we successfully launched the Manfrotto ONE tripod as part of a 'new to world' comprehensive stability system for hybrid creators (photography and videography). The ONE tripod intends to eliminate the need to carry multiple tripods for multiple uses.

Income and expense

Amimon was sold on 9 April 2025 and is reported as a discontinued operation. Results of discontinued operations can be found in notes 2 and 14 to the condensed financial statements. The numbers below are presented on a continuing basis unless otherwise stated.

 

	Adjusted*			Statutory from continuing and discontinued operations
	H1 2025	H2 2024	H1 2024	H1 2025	H1 2024
Revenue**	£115.4m	£127.4m	£153.3m	£115.9m	£154.9m
Operating (loss)/profit	£(7.0)m	£(29.2)m	£11.0m	£(17.0)m	£(9.2)m
(Loss)/profit before tax	£(14.3)m	£(31.9)m	£6.9m	£(20.1)m	£(13.4)m
(Loss)/earnings per share	(11.2)p	(23.6)p	5.7p	(21.6)p	(13.6)p

*For the Group, before adjusting operating items of £8.6 million (H1 2024: £17.7 million), and operating loss from discontinued operations of £1.4 million (H1 2024: £2.5 million loss).

** Amimon was not treated as a discontinued operation at FY 2024 results; H2 2024 revenue above has been restated to treat Amimon as a discontinued operation in FY 2024.

On a reported basis, revenue declined by 25% year-on-year compared to H1 2024 (23% decrease on a constant currency basis), and only 9% (£12.0 million) lower than H2 2024, which benefitted from the 2024 Paris Summer Olympics contract and the seasonal gifting period.

Adjusted gross profit margin* declined to 35% in H1 2025 (H1 2024: 41%), primarily due to lower volumes. The margin was in line with H2 2024 (35%, excluding £13.2 million of one-off charges) despite lower revenue, reflecting the benefit of ongoing cost reduction and operational efficiency initiatives.

Adjusted operating expenses* decreased by £4.5 million to £47.8 million (H1 2024: £52.3 million). On a sequential basis, adjusted operating expenses were £7.1 million lower than in H2 2024 (£54.9 million, excluding £5.2 million of one-off charges), reflecting the impact of actions taken to streamline the cost base and late phasing of costs in 2024.

An adjusted operating loss* of £7.0 million (H1 2024: £11.0 million profit) represents an improvement on the £10.9 million loss in H2 2024 (excluding the £18.3 million of one-off charges in H2 2024).

Adjusted net finance expense* of £7.3 million was £3.2 million higher than in H1 2024 (£4.1 million). This was mainly the result of gross borrowings being c.30% higher through the period combined with higher leverage leading to an increased margin payable. Lower FX gains were also a factor. Our floating debt currently has an average interest rate of c.9% (including margin).

Adjusted loss before tax* was £14.3 million compared to a £6.9 million profit in H1 2024 and a loss of £31.9 million in H2 2024.

Statutory loss before tax from continuing and discontinued operations of £20.1 million (H1 2024: £13.4 million loss) includes adjusting items from continuing operations of £8.6 million (H1 2024: £17.7 million) and a £2.8 million profit from discontinued operations after adjusting items and profit on disposal (H1 2024: £2.6 million loss). The adjusting items from continuing operations primarily relate to restructuring and other costs (£6.3 million) Ð see "Adjusting items" section for further detail.

The Group's effective tax rate ("ETR") was a 24% credit on the £14.3 million adjusted loss before tax* (H1 2024: 22% debit on the £6.9 million profit before tax*). Statutory ETR from continuing and discontinued operations was a 5% debit on the £20.1 million loss (H1 2024: 4% credit on the £13.4 million loss before tax) reflecting the write-off of the majority of deferred tax assets previously held.

Adjusted basic loss per share* was 11.2 pence (H1 2024: 5.7 pence earnings per share). Statutory basic loss per share from continuing and discontinued operations was 21.6 pence (H1 2024: 13.6 pence loss per share).

Cash flow and net debt

Adjusted operating cash outflow* at £0.6 million was £18.8 million lower than in H1 2024 due to higher operating losses, with lower non-trade working capital offset by lower capital expenditure.

Free cash outflow* at £13.3 million included debt amendment fees and refinancing costs of £5.2 million, restructuring spend of £5.7 million, tax received of £4.5 million and interest of £6.2 million.

£m	H1 2025	H2 2024	H1 2024
Statutory operating loss from continuing and discontinued operations	(17.0)		(9.2)
Add back discontinued operations statutory operating loss	1.4		2.5
Add back adjusting items from continuing operations	8.6		17.7
Adjusted operating (loss)/profit*	(7.0)	(29.2)	11.0
Depreciation(1)	9.4	14.2	9.8
Adjusted trade working capital (inc)/dec*	4.7	16.9	4.4
Adjusted non-trade working capital (inc)/dec*	(2.5)	2.9	(0.7)
Adjusted provisions inc/(dec)*	(0.7)	0.3	(0.4)
Capital expenditure(2)	(5.4)	(8.0)	(7.4)
Other(3)	0.9	1.5	1.5
Adjusted operating cash flow*	(0.6)	(1.4)	18.2
Cash conversion*	9%	5%	165%
Net interest paid	(6.2)	(4.6)	(4.3)
Tax received/(paid)	4.5	(0.6)	1.3
Earnout and retention bonuses	(0.1)	-	(1.2)
Restructuring, integration costs and sale of property	(5.7)	(3.0)	1.8
Debt amendment fees and refinancing costs	(5.2)	(0.6)	(0.6)
Transaction costs	-	(0.4)	(0.1)
Free cash flow*	(13.3)	(10.6)	15.1

(1) Includes depreciation, and amortisation/impairment of purchased software and capitalised development costs

(2) Purchase of Property, Plant & Equipment ("PP&E") and capitalisation of software and development costs

(3) Includes share-based payments charge (excluding retention) and other reconciling items to adjusted operating cash flow*

Net cash used in operating activities of £12.7 million (H1 2024: £19.1 million inflow) comprises £13.3 million free cash outflow from continuing operations* (H1 2024: £15.1 million inflow) plus £5.4 million capital expenditure from continuing operations (H1 2024: £7.4 million), less £0.1 million from sale of PP&E and software from continuing operations (H1 2024: £2.5 million), less £0.5 million interest received from continuing operations reported within net cash used in investing activities (H1 2024: £nil), less net cash used in operating activities from previously discontinued operations of £4.2 million (H1 2024: £0.9 million)

Adjusted trade working capital* decreased by £4.7 million in the first half of 2025 (H1 2024: £4.4 million). This movement primarily reflects a £9.2 million decrease in inventories, partially offset by a £1.3 million increase in trade receivables and a £3.2 million decrease in trade payables.

Capital expenditure of £5.4 million (H1 2024: £7.4 million) included:

-	£2.8 million of Property Plant and Equipment ("PP&E") compared with £3.0 million in H1 2024;
-	£2.6 million capitalisation of development costs (H1 2024: £4.2 million) and software of £nil (H1 2024: £0.2 million). Gross R&D was lower than in H1 2024, reflecting the targeting of investment and restructuring actions to right size operations. The percentage of revenue (7%) was higher year-on-year (H1 2024: 6%).

 

£m	H1 2025	H2 2024	H1 2024
Gross R&D	8.1	9.0	9.7
Capitalised	(2.6)	(3.1)	(4.2)
Amortisation and impairment losses	3.2	7.0	3.1
Income Statement Impact	8.7	12.9	8.6

Net interest paid of £6.2 million was £1.9 million higher than in H1 2024 reflecting the rise in interest expense compared to the prior period. Tax receipts of £4.5 million included receipt of a £3.2m refund from HMRC related to the historic EU State Aid claim in addition to repayment of previous payments on account.

December 2024 closing net debt* (£m)	(133.0)
Free cash flow from continuing operations*	(13.3)
Free cash flow from discontinued operations	(4.2)
Movement in loan fees, net of amortisation	2.2
Net proceeds from equity raise	7.5
Employee incentive shares	(0.3)
Net disposal proceeds	2.1
Net lease additions	(1.0)
FX	2.3
June 2025 closing net debt* (£m)	(137.7)

 

Net debt* at 30 June 2025 of £137.7 million was £4.7 million higher than at 31 December 2024 (£133.0 million).

Prior to its disposal, operating cash out flow from the Amimon business was £4.2 million including settlement of a £2.5 million payable to secure the intellectual property that was subsequently transferred to Teradek. Net disposal proceeds of £2.1 million were received after deducting cash included in the sale of £0.5 million.

On 30 April 2025, the Company issued 9,412,663 new ordinary shares at an issue price per share of 85 pence, a premium to the prevailing share price, generating gross proceeds of £8.0 million and, after expenses, net proceeds of £7.5 million.

Net lease additions of £1.0 million. The £2.3 million favourable impact from FX arose following the weakening of the US dollar against Sterling across H1 2025.

Liquidity at 30 June 2025 totalled £37.2 million, comprising £25.8 million unutilised RCF (total facility of £150 million which matures in August 2026) and net cash of £11.4 million. Gross cash of £59.9 million is stated before a £48.5 million overdraft due to operational cash pooling arrangements.

Borrowing facilities and financial position at 30 June 2025

The Group has a committed £150 million Multicurrency Revolving Credit Facility ("RCF") with a syndicate of lenders and a term until 14 August 2026 (see note 10 "Analysis of net debt").

Subsequent to the end of 2024 the reset December covenant tests were met and both the February 2025 and March 2025 covenants tests waived.

On 28 April 2025 the Group successfully negotiated amended covenants ("the Amended Covenants") through to the end of the facility in August 2026. Leverage and interest cover will be tested only for December 2025, March 2026 and June 2026 with, at each test date, leverage (net debt:EBITDA) to be no higher than 6x and interest cover (EBITA:net interest) of at least 1x.

A trailing last twelve month ("LTM") EBITDA covenant applies for two quarters, with LTM EBITDA to be at least £5 million at the end of June 2025 and at least £6 million at the end of September 2025. In addition, throughout the remaining term of the RCF, a weekly tested minimum liquidity covenant will be in place, starting at £7.5 million, before falling to £5 million from 1 September 2025. Minimum liquidity has been defined as cash at bank, net of overdrafts, plus available undrawn RCF up to the cap of £139 million, after which lender consent is required. The Amended Covenants were conditional on the Company raising at least £6 million in net proceeds from a fully underwritten share placing. These and previous amendments to the RCF also preclude the Board from declaring a dividend and restrict factoring to £15 million. 

The June 2025 LTM EBITDA covenant was met and all weekly minimum liquidity covenant tests have also been met. The share placing requirement was achieved on 30 April 2025 with a £8.0 million gross placing realising £7.5 million of net proceeds.

As part of the Amended Covenants, existing RCF lenders have a right to exert more influence over the Group, including in the extreme, triggering an event of default and enforcing security over the business, should the Group fail to complete a refinance or reach agreement with all of its lenders on an alternative deleveraging plan by October 2025. 

The Group has been actively seeking to fully or partially refinance its RCF since April 2025. This has involved a coordinated outreach, with the help of advisors, to a number of financial institutions who have received vendor due diligence material and management presentations. Despite the level of effort undertaken, progress has been hampered by difficult market conditions and general economic uncertainty, not least with the evolving US tariff situation. Indicative terms received from potential lenders have not met the requirements of the business, nor its lenders, and the likelihood of achieving a full or partial refinancing of the RCF prior to the October 2025 deadline has a low probability.

Accordingly, the business is in discussions with lenders on potential options including alternative ways of deleveraging, amendments to existing covenants and future obligations.

Going concern assessment

These Financial Statements have been prepared on a going concern basis. The Board has considered the future trading and cash flow forecasts over the 12-month period from the approval date of these Financial Statements to the end of the RCF facility and believes that available liquidity will be sufficient to enable the Group to meet its liabilities as they fall due.

This assessment is wholly contingent on reaching agreement with the RCF lenders to amend the terms of the RCF, including an initial amendment prior to the earliest potential default date in October 2025. In assessing the level of amendment to be agreed, the Directors have considered (i) the potential deleveraging plan; (ii) future covenants and (iii) the level of liquidity available under both the RCF cap and the maximum borrowings limit of the RCF.

Any plan to deleverage the business will require alternative new sources of liquidity, including but not limited to any combination of, proceeds from disposals and the raising of new debt or equity. All are likely to be dependent on the future trading outlook for the business which will largely be a function of the timing of market recovery combined with developments in the global macroeconomic environment, where uncertainty is high at present. Discussions to date with lenders have been constructive.

In order to assess future covenants and future liquidity needs of the Group the Board has conducted a thorough evaluation of the going concern assumption and has modelled a number of scenarios.

Given the trailing nature of a LTM covenant, most of the September 2025 LTM EBITDA is known and it is probable that the covenant will not be achieved or achieved with minimal headroom, which could lead to an event of default when reported in mid-October 2025 unless waived or amended. In all scenarios other than in those where a strong market recovery occurs, the leverage and interest cover covenants will be breached from December 2025 onwards.

Future liquidity needs will be dependent on trading and on the success, timing and use of proceeds from deleveraging actions that will require negotiation with lenders. Notwithstanding, the liquidity impact from deleveraging actions, the Group is at risk of requiring greater liquidity than that afforded by the RCF cap. In all but the downside scenarios, the additional liquidity requirement would be within the £11 million headroom between the liquidity cap and maximum borrowings under the RCF but would require lender consent to access.

Material uncertainty

In determining that the business is a going concern the Board has concluded that significant amendment of the RCF is required, including an initial amendment in October 2025. This would include acceptance of a yet to be defined deleveraging plan and waiver or amendment of all covenants from September onwards. Furthermore, an initial amendment request to raise the RCF cap of £139 million may be necessary to provide the business with liquidity either to cover trading shortfalls or compensate for lost liquidity resulting from deleveraging actions. In the extreme, liquidity beyond the available £150 million facility may be required in the future.

Following constructive dialogue with RCF lenders and their support to date, the Board believes that an initial amendment in October 2025 and any subsequent amendments will be achievable. However, the lender prescribed terms and conditions of such amendments are not known at this time but are likely to require certain actions to be completed and commitments made by the Group in a specified period. Nevertheless, the complexity and significance of the required negotiations with the RCF lenders indicates that amendments may not be forthcoming, leading to the existence of a material uncertainty which may cast significant doubt over the Group's ability to continue as going concern. The Financial Statements do not include the adjustments that would result if the Group were unable to continue as a going concern.

The results for the full year 2023, half year 2024 and full year 2024 also indicated the existence of a material uncertainty.

Adjusting items from continuing operations

£m	H1 2025	H1 2024
Amortisation of intangible assets that are acquired in a business combination	(1.4)	(1.8)
Restructuring and other costs	(6.3)	(0.5)
Impairment of assets	(0.9)	(15.3)
Acquisition related charges	-	(0.1)
Adjusting items	(8.6)	(17.7)

 

The amortisation of intangibles reflects £1.4 million amortisation within the Media Solutions Division.

Restructuring and other costs reflect Group-wide restructuring projects announced to affected employees in the period, which resulted in a number of employees leaving in 2025. Further detail on restructuring can be found in note 4 to the condensed financial statements.

The impairment of assets includes a £0.9 million impairment of right-of-use assets (£0.7m) and inventory (£0.2m) within the Media Solutions Division.

Discontinued operations

On 9 April 2025 the Group sold its Amimon business for gross cash consideration of £2.6 million, of which £0.8 million was for the sale of shares, and £1.8 million for entering into an agreement with Teradek LLC, also part of the Creative Solutions Division, to grant Amimon a licence to use certain intellectual property. A profit of £4.6 million arose on disposal after taking into account net assets disposed of £0.1 million (inclusive of £0.5 million of cash), £0.3 million transaction costs, and the previously recorded foreign exchange gain of £2.4 million that has been recycled to the profit on disposal.

Results of discontinued operations can be found in notes 2 and 14 to the condensed financial statements.

£m	H1 2025	H1 2024
Revenue	0.5	1.6
Adjusted loss before tax	(1.4)	(1.3)
Adjusting items	(0.4)	(1.3)
Profit on disposal of discontinued operation	4.6	-
Statutory loss before tax	2.8	(2.6)

 

Divisions

Videndum's purpose is to "enable our customers to capture and share exceptional content", and this is what guides us. We focus on the professional end of the content creation market, operating in defensible niches where our premium brands have strong share.

There is growing appetite for high quality content, and we expect demand for, and investment in, original content to remain positive (e.g. live news, broadcast sport, reality and scripted TV shows, films, digital visual content for e-commerce etc).

The Group is well positioned at the heart of this market and our strategic priorities remain unchanged. However, we are focusing more tightly on our core markets where we have market-leading product offerings in addition to a focus on driving operational efficiency. Our long-term strategy is to invest in areas where we can grow organically, while improving our margins.

Media Solutions

The Media Solutions Division designs, manufactures and distributes premium branded equipment for photographic and video cameras, and smartphones. It provides dedicated solutions to professional and amateur photographers and videographers, independent content creators, enterprises, governments and professional musicians. These include camera supports (tripods and heads), smartphone and vlogging accessories, lighting supports and controls, LED lights, audio capture and noise reduction equipment, carrying solutions and backgrounds. Media Solutions represents c.50% of Group revenue.

	Adjusted*			Statutory from continuing and discontinued operations
Media Solutions	H1 2024	H2 2024	H1 2024	H1 2025	H1 2024
External revenue	£55.8m	£59.6m	£73.1m	£55.8m	£73.1m
Operating (loss)profit/(loss)	£1.6m	£(13.3)m	£6.4m	£(2.6)m	£(11.4)m
Operating margin	2.9%	(22.3)%	8.8%	(4.7)%	(15.6)%

* For Media Solutions, before adjusting items of £4.2 million (H1 2024: £17.3 million loss) and operating loss from discontinued operations of £nil (H1 2024: £0.5 million loss)

Revenue was 24% lower than in H1 2024 but only 6% lower than in H2 2024, which benefitted from the seasonal gifting period. The US tariffs have created market uncertainty, with sell-out volume in excess of the sell-in orders we have received from our distributors.

Significant restructuring actions have been taken with c.£3 million of savings versus H1 2024. Adjusted operating profit margin* was 2.9% (H1 2024: 8.8%) reflecting adverse operating leverage on the 24% revenue decline, partly offset by the restructuring actions.

Statutory operating loss was £2.6 million (H1 2024: £11.4 million loss) which reflects £4.2 million of adjusting items from continuing operations (H1 2024: £17.3 million loss) and £nil from discontinued operations (H1 2024: £0.5 million loss).

 

Production Solutions

The Production Solutions Division designs, manufactures and distributes premium branded and technically advanced products and solutions for broadcasters, film and video production companies, independent content creators and enterprises. Products include video fluid heads, tripods, LED lighting, batteries, prompters and robotic camera systems. It also supplies premium services including equipment rental and technical solutions. Production Solutions represents c.30% of Group revenue.

	Adjusted*			Statutory
Production Solutions	H1 2025	H2 2024	H1 2024	H1 2025	H1 2024
External revenue	£37.1m	£44.0m	£46.7m	£37.1m	£46.7m
Operating (loss)/profit	£(1.4)m	£(4.3)m	£5.9m	£(3.4)m	£5.5m
Operating margin	(3.8)%	(9.8)%	12.6%	(9.2)%	11.8%

* For Production Solutions, before adjusting items of £2.0 million (H1 2024: £0.4 million loss).

Revenue was 21% lower than in H1 2024 and 16% lower than in H2 2024, which benefitted from the 2024 Paris Summer Olympics. Excluding the Olympics, revenue was 3% higher than in H2 2024.

Significant restructuring actions have been taken with c.£2 million of savings versus H1 2024. Adjusted operating loss margin* was -3.8% (H1 2024: 12.6% profit margin) reflecting adverse operating leverage on the 21% revenue decline, partly offset by the restructuring actions.

Statutory operating loss was £3.4 million (H1 2024: £5.5 million profit) which reflects £2.0 million of adjusting items (H1 2024: £0.4 million).

Creative Solutions

The Creative Solutions Division develops, manufactures and distributes premium branded products and solutions for film and video production companies, independent content creators, enterprises and broadcasters. Products include wired and wireless video transmission systems, lens control systems, monitors and camera accessories for the Cine and Scripted TV and live production segments. Creative Solutions represents c.20% of Group revenue.

	Adjusted*			Statutory from continuing and discontinued operations
Creative Solutions	H1 2025	H2 2024	H1 2024	H1 2025	H1 2024
External revenue**	£22.5m	£23.8m	£33.5m	£23.0m	£35.1m
Operating profit/(loss)	£(0.9)m	£(4.3)m	£4.8m	£(2.5)m	£2.8m
Operating margin	(4.0)%	(18.1)%	14.3%	(10.9)%	8.0%

* For Creative Solutions, before adjusting items from continuing operations of £0.2 million (H1 2024: £nil million) and operating loss from discontinued operations of £1.4 million (H1 2024: £2.0 million loss).

** Amimon was not treated as a discontinued operation at FY 2024 results; H2 2024 revenue above has been restated to treat Amimon as a discontinued operation in FY 2024.

Revenue was 33% lower than in H1 2024 but only 5% lower than in H2 2024. H1 2025 had a soft start, in part due to the Cine market in the US being impacted by the Los Angeles fires, and a slower finish due to the uncertainty created by the US tariffs.

Restructuring actions have been taken with c.£1 million of savings versus H1 2024. Adjusted operating loss margin* was -4.0% (H1 2024: 14.3% profit margin) reflecting adverse operating leverage on the 33% revenue decline, partly offset by the restructuring actions.

Statutory operating loss was £2.5 million (H1 2024: £2.8 million profit) which reflects £0.2m of adjusting items from continuing operations (H1 2024: £nil) and a £1.4 million loss from discontinued operations (H1 2024: £2.0 million loss).

Corporate costs

Corporate costs include charges relating to the Long Term Incentive Plan ("LTIP") and Restricted Share Plan ("RSP") used to incentivise and retain employees across the Group. They also include payroll and bonus costs for the Executive Directors and the head office team, professional fees, property costs, and travel costs.

	Adjusted*			Statutory
Corporate costs	H1 2025	H2 2024	H1 2024	H1 2025	H1 2024
Operating (loss)	£(6.3)m	£(7.3)m	£(6.1)m	£(8.5)m	£(6.1)m

* For corporate costs, before adjusting items of £6.4 million (H1 2024: £6.1 million).

Corporate costs were lower than those in H2 24 and in line with H1 2024 largely due to late phasing of costs in 2024.

 

Dividend

The Board recognises the importance of dividends to the Group's shareholders and intends to resume payment of a progressive and sustainable dividend when appropriate to do so. The existing terms under the RCF preclude the Board from declaring a dividend.

 

Outlook

Group revenues were weaker in Q2 2025 than the Board's expectations at the time of the FY24 results in April 2025. However, much of the adjusted operating profit impact caused by the revenue shortfall has been offset by the restructuring and cost management programmes previously announced.

Whilst conditions improved month by month through Q1 2025, the ramifications of the US trade policies have become clearer during Q2 2025. End user demand in the US running ahead of sales to Videndum's distribution channels, as importers have been holding off ordering until the tariff situation becomes clearer. This has led to weaker revenues in the United States. Ongoing global macro-economic uncertainty, as well as tariff uncertainty, have also had some impact on revenues outside the US.

However, end customer sentiment is turning in the ICC market and there are increasing signs of pent-up demand in the Cine market. This, in conjunction with the trading environment outlined above, has led to there being a limited amount of inventory in the US. The Group has put in place stocks of long lead time components to ensure it can respond quickly to any increased demand. Consequently, any uptick in end market demand will feed through into revenue with little delay. Allied to the benefit from the restructuring and cost management programmes previously announced, any improvement in revenue in H2 2025 will drop through to operating profit at a significant rate.

The ongoing uncertain economic environment and the increased trading volatility due to US tariffs has led to a deterioration in the Group's visibility of the potential outcome for FY25.

 

Risks and Uncertainties

Videndum is exposed to a number of risk factors which may affect its performance. The Group has an established framework and assesses these risks on a regular basis and has put in place appropriate processes and procedures to mitigate against them. However, no system of control or mitigation can completely eliminate all the risks the business faces. 

The principal risks and uncertainties that may affect our performance are set out in the 2024 Annual Report and are summarised below. Since the 2024 year-end announcement, there has not been any material movement in risks. The issue of tariffs has ramifications in different risk areas, and is reflected where applicable (including demand for products, cost pressure, supply chain dependency). Our approach is to carefully monitor the developments in this area, and Videndum will rely on its strong position in the markets in which it operates to implement price increases as necessary to pass on the additional cost of tariffs. The Group may be at an advantage relative to its competitors, the vast majority of which are Chinese. However, there is a risk that a prolonged tariff war increases the risk of a global recession impacting demand.

-       Treasury, including going concern

-       Demand for Videndum's products

-       Cost pressure

-       Dependence on key suppliers

-       Dependence on key customers

-       People

-       Laws and regulations

-       Reputation of the Group

-       Business Continuity and cyber security

-       Climate change

-       Restructuring and disposals

-       Acquisitions

 

Forward-looking statements

This announcement contains forward-looking statements with respect to the financial condition, performance, position, strategy, results and plans of the Group based on management's current expectations or beliefs as well as assumptions about future events. These forward-looking statements are not guarantees of future performance. Undue reliance should not be placed on forward-looking statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. The Company undertakes no obligation to publicly revise or update any forward-looking statements or adjust them for future events or developments. Nothing in this announcement should be construed as a profit forecast.

The information in this announcement does not constitute an offer to sell or an invitation to buy shares in the Company in any jurisdiction or an invitation or inducement to engage in any other investment activities. The release or publication of this announcement in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and observe, any applicable requirements.

This announcement contains brands and products that are protected in accordance with applicable trademark and patent laws by virtue of their registration.

No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on.

Neither the content of the Group's websites (or any other website) nor the content of any website accessible from hyperlinks on the Group's website (or any other website) is incorporated into or forms part of this announcement.

 

For and on behalf of the Board

Stephen Harris
Executive Chairman

 

 

Statement of Directors' responsibilities

The Directors confirm that these condensed consolidated financial statements ("Financial Statements") have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

-	an indication of important events that have occurred during the first six months and their impact on the Financial Statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
-	material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

 

The Directors of Videndum plc are listed in the Videndum plc annual report for 31 December 2024, with the exception of the following changes in the period: Mr Aidan de Brunner and Mr Martin Cooke were appointed as non-executive directors on 31 July 2025. Further, Mr Richard Tyson retired as a director on 31 July 2025. A list of current Directors is maintained on the Videndum plc website: www.videndum.com.

 

By order of the board

 

Stephen Harris

5 August 2025

Chairman