DCD Media Plc. (DCD.L), an independent TV distribution and production company, Friday said overall trading performance for the full year remains on course. However, challenging trading conditions are effecting commissions and are likely to impact earnings in 2016 in the production division, the firm added.
After two successive commissions for the primetime comedy game show Celebrity Squares, DCD Media was informed by ITV that a third series will not be commissioned for 2016.
While the show may be re-commissioned in the future, the loss of the revenue will impact performance for the group in 2016. The Board stressed that the Group is encouraged by its strong pipeline of opportunities in the production division.
Further, the company said that certain directors' and accounting services are provided by the company's parent, Timeweave Ltd and recharged to DCD Media in line with previous years and this amounts to a total of 423,000 pounds.
In addition, 152,000 pounds of recovered VAT is owed to Timeweave. It is likely that the amounts due to Timeweave will need to be settled by DCD Media by issuing further convertible loan notes to Timeweave, as occurred in 2014.
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