Trading Statement and Suspension
25 Juin 2009 - 8:30AM
UK Regulatory
TIDMHOL
RNS Number : 4672U
Hollywood Media Services plc
25 June 2009
25 June 2009
Hollywood Media Services Plc
("HMS" or the "Group")
Trading Update and Suspension
The Board of Hollywood Media Services Plc announces that the Group has suffered
a downturn in trade in May and June 2009 with revenues significantly below those
of last year (particularly in June 2009, which so far has seen year on year
sales down over 50 per cent.). As such the Group is expected to show a loss for
the six months to 30 June 2009.
As stated in the announcement of 28 April 2009, the combination of short lead
times for contracts in this industry and the uncertainties inherent in the
general economic situation makes it difficult to forecast. This has been
evidenced in the unexpected downturn of the last two months. The Group has also
experienced a fall in revenues from the contract for The Bill due to the new
production schedule which came into effect in May 2009, although the Group has
secured a new contract for The Bill, which will run through to 2010. With
regard to the recent acquisitions, the directors remain of the view that, as
previously announced, The Casting Suite and Production Switchboard should break
even during 2009.
May is normally the start of the busy season for the Group and as such, the
downturn in trade has adversely impacted the Group's available working capital,
which was already at its low point after the traditionally lean fourth and first
quarters.
The Group has identified a number of measures to reduce costs by up to GBP0.5
million (on an annualised basis), the majority of which are expected to comprise
salary cuts by staff and directors, whilst maintaining the Group's ability to
deliver services. In addition, the Group is seeking to raise further funding,
whether through further asset based finance and/or an issue of equity and/or
other means. Together, the cost reductions and fund raisings should help
stabilise the Group's working capital position.
The publication of the annual report and accounts for the year ended 31 December
2008 has been delayed beyond 30 June pending satisfactory progress on the above.
The Company has therefore requested that trading in its shares be suspended
until the report and accounts are published Shareholders will be updated in
due course.
For further information please contact:
+--------------------------+----------------------------+----------------+
| Martin Eberhardt | Hollywood Media Services | 020 7332 2200 |
| | Plc | |
+--------------------------+----------------------------+----------------+
| Tony Rawlinson / | Dowgate Capital Advisers | 020 7492 4777 |
| Antony Legge | Limited | |
+--------------------------+----------------------------+----------------+
| Alex Davies | Merchant Capital Limited | 020 7332 2200 |
+--------------------------+----------------------------+----------------+
www.hmservicesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTCKQKNOBKDCAB
Hollywood Media (LSE:HOL)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Hollywood Media (LSE:HOL)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Hollywood Media (London Stock Exchange): 0 recent articles
Plus d'articles sur Hollywood Media