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DCD publishes delayed results

DCD Media, the UK independent production and distribution group that last week parted company with its CEO, has published its delayed full-year results.

The indie’s revenue increased 27% to £34 million but, following an internal review and reorganisation, the company recorded a £25.4 million pre-tax loss, compared with a £0.8 million profit a year earlier.

DCD’s stock market filing shows there was a "significant write-down" in the financial year to end-June. The company notes that the internal review was deemed necessary to "ensure that the Group reflected a prudent valuation of its investment in the overall production division in the current economic climate."

The company published adjusted figures that it said reflected its normal operating performance. The adjusted pre-tax profit was £2.6 million compared with £1.1 million a year earlier. Adjusted EBITDA profit was £3.8 million compared with £1.7 million a year earlier.

There are several indie producers housed in the DCD group. The company flagged the achievements of September Films, which recorded notable successes in the US in 2008 with new seasons of fact-ent series Bridezillas greenlit.

It went on to highlight the strong performance of Prospect Pictures, which moved into primetime programming with programmes including feature-doc The Road to Glory for the BBC and continuing orders for its slate of cookery shows. In the factual arena DCD also noted that West Park Pictures won several new commissions through the year and that its BBC One (UK) series Stephen Fry in America was selling well internationally.

But DCD said that another of its producers, Box TV had a frustrating year, with a primetime series on BBC One (UK), but ‘slippage’ on other projects that are waiting for the go-ahead.