Videndum plc (VID.L) issued a pre-close trading update for the year ending 31 December 2024. The Group said the recovery in markets continues to be slower than expected, but it is seeing some signs of gradual improvement, which the Group believes will benefit trading in first half of fiscal 2025.
For fiscal 2024, the Group expects revenue to be approximately 280 million pounds. An exceptional charge of approximately 25 million pounds is anticipated against adjusted continuing operating profit. Before this non-cash write-off of predominately stock and intangibles, together with reclassification of previously discontinued operations, the Group expects to break-even. Net debt is expected to be approximately 135 million pounds.
The Group noted that its Revolving Credit Facility is set to expire in August 2026. The Group is actively working with lending banks to secure an extension or a refinancing during first half 2025, in addition to addressing necessary amendments to the February and March 2025 covenants.
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