DCD Media narrows losses despite fall in revenue

Individual TV production and distribution group DCD Media failed to impress with its full-year results, which revealed a reduction in losses despite a slide in revenue.

Group adjusted pre-tax losses fell from £3.0m to £0.5m thanks to a reduction in administrative expenses, which helped to offset the drop in turnover to £9.71m, down from £12.33m a year earlier.

Chairman David Craven said the year had been "progressive if not fruitful" for both the production and rights divisions, with success seen with its plan to drive growth through the rights business while operating a more streamlined and manageable cost base through the production businesses.

He said the firm's most notable group achievement of the year was the repayment of the remaining £0.48m of long-term debt to Coutts and said it can now focus more on "taking advantage of the many opportunities being presented to the businesses".

He continued: "This year saw further consolidation for the group and notably, the board was pleased to see a cleaner balance sheet as a consequence of the repayment of the long-term debt facility.

"The business reports a relatively modest adjusted EBITDA loss of £0.2m compared to £0.9m loss in 2013. This is a consequence of the consolidation work undertaken in the last 18 months. The board believes that it has the platform now for a sustainable business with a solid contribution from the rights business and strong output from the production companies."