Progressive Digital Media Group PLC Pre-Close Trading Update (7877Y)
04 Décembre 2014 - 8:01AM
UK Regulatory
TIDMPRO
RNS Number : 7877Y
Progressive Digital Media Group PLC
04 December 2014
4 December 2014
Progressive Digital Media Group Plc (the "Group")
Pre-Close Trading Update
Progressive Digital Media Group Plc, a leading provider of
business information to the Consumer and ICT markets, today issues
a pre-close trading update ahead of the announcement of its results
for the year to 31 December 2014. These results are expected to be
announced at the end of February 2015.
Trading Update
The Group continues to make good progress with underlying
revenues excluding acquisitions expected to increase on a full year
basis by 5% and on a constant currency basis by 7%. Group revenues
which include our acquisitions are expected to grow by around
15%.
As highlighted at the time of our interim results released on 28
July 2014, the strength of sterling against the US dollar and Euro
has continued to have an unfavourable impact on the Group's
results. Additionally, the Group has also increased investment in
sales & marketing and product which has increased costs in the
year. As a consequence the Board anticipates that the Group's
Adjusted EBITDA (1) for 2014 will be below current market
estimates.
Financial Position
The Group retains a strong balance sheet with net debt expected
to be no more than GBP9.0m. Net debt is higher than previously
estimated due to working capital movements and the funding
requirements for our recent acquisitions. The Board anticipates a
reversal of this working capital movement in 2015.
Outlook and prospects
The fundamentals of the business remain positive, with deferred
revenue anticipated to rise by 33% to GBP19.0m at year end. We
expect 2015 to be another year of good organic growth with
increased contribution from the Group's recent acquisitions and
additional investment in sales and operational headcount.
Note 1: Adjusted EBITDA: Earnings before interest, tax,
depreciation and amortisation, impairment, share based payment
charge, adjusted for foreign exchange losses, the costs associated
with derivatives, integration and restructure of the Group.
Enquiries:
Progressive Digital Media Group Plc 0207 936 6400
Simon Pyper, Chief Executive
N+1 Singer 0207 496 3000
James Maxwell
Hudson Sandler 0207 796 4133
Nick Lyon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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