Business
Revision of Half Year Results Date
Revision of Half Year Results Date.
About this update from Videndum Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n \n8 August 2023\nVidendum plc\nRevision of Half Year Results Date\nVidendum plc (\"the Company\" or \"the Group\"), the international provider of premium branded hardware products and software solutions to the content creation market, announces that the release of its results for the six-month period ended 30 June 2023 (\"Half Year Results\"), due on 10 August 2023, has been delayed because more time is required to finalise its half year financial reporting.\nAs previously highlighted, financial performance for the six-month period ended 30 June 2023 has been significantly impacted by ongoing macroeconomic headwinds, the effects of destocking and compounded by the US writers' strike1. Management continues to be focused on protecting profit and preserving cash while seeking to ensure we are well placed for recovery once the Strikes2 are over.\nThe Board's expectations for H1 2023 are broadly unchanged. Net debt to EBITDA3 is expected to be within our covenants and looking forward, given our strong relationships with our banks, we have agreed covenant amendments for December 2023 (ratio of net debt to EBITDA3 increased from 3.25x to 4.25x and interest cover4 lowered from 4.0x to 3.0x) and for June 2024 (ratio of net debt to EBITDA3 increased from 3.25x to 3.75x and interest cover4 lowered from 4.0x to 3.25x).\nWe expect to release the Half Year Results during September. A further announcement of a revised date will be made in due course.\n \nNotes\n\n\n\n1\n\n\nThe Writers' Guild of America (\"WGA\") combines two different US labour unions representing TV and film writers in New York and Los Angeles, and called a strike on 2 May 2023.\n\n\n \n\n\n\n\n2\n\n\n\"The Strikes\" combine the above WGA strike and the strike called on 3 July 2023 by The Screen Actors Guild and the American Federation of Television and Radio Artists (\"SAG-AFTRA\").\n\n\n \n\n\n\n\n3\n \n\n\nNet debt is stated before arrangement fees and after leases of discontinued operations; EBITDA is based on adjusted EBITDA for the applicable 12-month period, before non-cash share-based payment charges; and after interest on employee benefits a...